Profit expectations range from $73.9m to $75.3m, with a mean of $74.7m, according to a survey of seven analysts by Merlin Consulting.

The net loss was $3.1m in the six months ended March 31, from a profit of $1.96m a year earlier.

CRP share price raised to a target value of $2 from $1.87 last September as the timetable firms for mining from early 2015.

Construction on stage one of the scheme, to irrigate 20,000ha using a canal from the Rakaia, is expected to start in October.