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

 


Trans-Tasman Resources marine consent rejected

Trans-Tasman Resources marine consent rejected

Trans-Tasman Resources (TTR) announced today they are extremely disappointed with the decision of the Environmental Protection Authority (EPA) Decision-making Committee (DMC) to decline their application for a marine consent for mining iron sands in the South Taranaki Bight.

The company successfully applied for a mining consent earlier this year.

“We have put a significant amount of time and effort into developing this project including consulting with iwi and local communities and undertaking detailed scientific research to assess environmental impacts of the project,” said TTR’s Chief Executive, Tim Crossley.

“Our objective has been to develop an iron sands extraction project which achieves substantial economic development while protecting the environment.

“We will be carefully analysing the decision over the next few days and will take our time to consider what this means for the South Taranaki Bight project and for the company.

“The bottom line is our New Zealand staff and consultants now have a very uncertain future and the local community will not benefit from hundreds of new jobs and an estimated $240 million dollars increase in GDP, annually.

“Since inception TTR has spent more than $60 million, most of this in New Zealand, to deliver a sustainable mining operation with significant economic benefits for New Zealand,” said Mr Crossley.

Further information on TTR’s project can be found in a Q&A and a summary information sheet.

TTR is a New Zealand company, established in 2007 to explore and develop the North Island’s offshore iron sand deposits. TTR is headquartered in Wellington and is funded by New Zealand and international investment. Since inception TTR has spent more than $50 million to investigate the resource, and on engineering, marketing, studying the existing physical and ecological environment and identifying potential impacts. TTR’s objective is to develop an iron sands extraction project which achieves substantial economic development while protecting the environment.

TTR’s marine consent was for a project area of 65.76 km2 in the exclusive economic zone approximately 22.4 to 36 kilometres off the coast of Patea, in water depths of 20-45 metres. TTR proposes to extract up to 50 million tonnes of iron rich sediment per year and process the sediment aboard an integrated mining vessel. From that, around 5 million tonnes of iron ore concentrate will be exported per year. The remaining sediment will be re-deposited on the seafloor in a controlled manner, usually backfilling previous mined areas.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news