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

 


Seabed ironsands miner to appeal resource consent knockback

Seabed ironsands miner to appeal resource consent knockback

By Pattrick Smellie

July 1 (BusinessDesk) - TransTasman Resources, the company seeking to mine ironsands off the ocean floor in the Exclusive Economic Zone, will appeal the rejection of its marine consent application by the decision-making committee appointed by the Environmental Protection Authority.

TTR is the first company to seek a marine consent under new legislation governing economic activity in New Zealand's vast EEZ, which extends from the 12 mile nautical limit out to 200 kilometres from the coastline and had applied under the new, six-month process to dredge up to 50 million tonnes annually of sand rich in titano-magnetite, a type of iron ore, for export to Asian steel mills.

The EPA-appointed committee rejected the application late last month, saying the environmental effects were not well enough understood, stakeholder consultation had been inadequate, and questioning the commercial viability of the project, which TTR has spent six years and $70 million investigating ahead of an investment of more than $500 million, should it have got the go-ahead.

"We have made a decision to appeal," TTR chief executive Tim Crossley told BusinessDesk. "We do think there are strong grounds. The basis of an appeal can only be on points of law, but we think there are strong grounds on certain points."

Crossley declined to elaborate on the issues the appeal would focus on, but the TTR board continued to believe it was "a great project for New Zealand, albeit it's a costly road forward" on what he said was a "very uncertain period."

"The outcome of an appeal could fall a number of ways. It could set aside the current decision and you go to a rehearing, which could be completely new, or a partial hearing," he said.

Crossley said he was focusing now on who the company both needed and could afford to fund while the appeal process occurred.

Talks with a major investor, which had been ready to invest in the event of a successful consent application, were also continuing.

"We were in advanced negotiations with a potential strategic investor, which would been conditional on a successful EPA decision. The decision no doubt has dented confidence not just in our project but in any project, and it has dented confidence if you are an existing investor to see your way through an appeal and whatever else might be in front of you."

"That being said, the investors we have are supportive enough to believe there's enough merit to go for an appeal."

TTR has backing from a range of local, Australian and American investors.

While reluctant to pass comment on the new EPA process for EEZ marine applications, Crossley said the company's biggest surprise had been the "binary" nature of the process. In Australia, his experience had been that consent applications were a forum for negotiating mutually acceptable outcomes that allowed a project to proceed while meeting environmental concerns "as opposed to an on-off switch."

Having been granted a mining permit, TTR had assumed the process would be "giving effect to that while protecting the environment."

Watching the process carefully is Chatham Rock Phosphate, whose application for an EEZ marine consent to mine phosphate nodules on the Chatham Rise, some 400 kilometres east of Christchurch, is currently lodged with the EPA and open for public submissions.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news