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

 


Ironsands miner gets mining permit as EPA hearings continue

Ironsands miner gets mining permit as consent hearings continue

May 2 (BusinessDesk) – Would-be offshore ironsands miner TransTasman Resources has been granted a mining permit to extract titano-magnetite sands some 22 to 36 kilometres off the coast of Patea, in the Exclusive Economic Zone.

The permit is granted by the New Zealand Petroleum & Minerals arm of the Ministry of Business, Innovation and Employment, but does not mean a green light for the half billion dollar project, which is separately seeking a marine resource consent under new regulations governing the EEZ.

The marine consent is being heard by a Board of Inquiry appointed by the Environmental Protection Authority, with a decision due in time for capital-raising to fund the project scheduled for June.

TTR’s operation would be in a 66 square kilometre area that the company is arguing would suffer minor and reversible environmental damage. The project’s opponents are arguing sand plumes created by depositing excess sand, stripped of its iron ore component, back on the ocean floor, could have effects well beyond the mining area.

The South Taranaki Bight’s status as a habitat for the endangered Maui’s dolphin and as a migratory route for blue whales has also been raised in evidence opposing the scheme.

“Though it would be several years before mining commenced, if a marine consent is granted, it is clear this project has considerable benefits,” said NZP&M acting national manager for minerals, Heyward Bates.

The mining permit follows inspections of TTR’s financial and technical capacity to undertake the proposed offshore mining operation, which would load iron ore onto bulk freighters for immediate export to Asian steel mills.

TTR believes its operation will remain cost-competitive, despite the recent weakness of global ore prices, because the undersea operation’s costs are a fraction of the cost of terrestrial open cast or underground mining.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news