Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Smith green-lights Tauranga port dredging plan

Conservation Minister Smith green-lights Tauranga port dredging plan

March 5 (BusinessDesk) - Conservation Minister Nick Smith has given the green light for Port of Tauranga to widen and deepen its shipping channels, creating space to let in bigger vessels.

The minister granted resource consent after local iwi blocked the plan under the old Resource Management Act for four years, Smith said in a statement. The consents mean Port of Tauranga can dredge the entrance and shipping lanes to allow 'S' class vessels.

"I have granted these consents, on the recommendation of the Environment Court, because of the importance for New Zealand of efficient shipping services," Smith said. "I am disappointed that it has taken nearly four years for a final decision to be made on these consents."

The port has been keen on beginning the dredging to allow bigger vessels to use the hub to open up larger trade routes that the New Zealand Shippers' Council estimates could be worth up to $338 million a year.

Port chief executive Mark Cairns said the bigger ships' better fuel efficiency will "enhance the competitiveness of New Zealand exporters and provide lower freight costs for importers."

The first stage of dredging will cost between $40 million and $50 million and will start near the end of the year. It's expected to take six months to complete.

That will let ships with a capacity of 5,000 to 6,000 twenty food equivalent containers (TEUs) access the port, which currently accommodates ships of 4,500 TEUs.

The second stage will accommodate 8,200 TEU ships.

The resource consent's conditions include the setting up of a trust with local iwi to set priorities and set aside funding for future harbour improvements, a minimum separation distance of the dredging from Te Kuia Rock, the development of a Kaimoana Restoration Programme to mitigate the effects on local seafood especially the pipi beds, the setting up of tertiary and post graduate research to promote better environment health in the harbour.

The port's shares increased 0.3 percent to $13.74 today, and have gained 6.3 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news