Manuka Resources’ subsidiary Trans-Tasman Resources has announced that its application for the Taranaki VTM project in New Zealand has been accepted by the Environmental Protection Authority (EPA).
The company will now progress the project towards securing fast-track approvals from the government.
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The Taranaki VTM project plans to mine iron sands from 22km offshore the South Taranaki Bight coast and magnetically separate five million tonnes annually (5mtpa) of minerals including iron ore, vanadium and titanium.
A pre-feasibility study for the project has forecast an average annual EBITDA (earnings before interest, taxes, depreciation and amortisation) of $312m (A$484.6m) over an initial 20-year mine life, projecting a net present value of $1.26bn and an internal rate of return of 39%.
An independent economic impact assessment conducted by the New Zealand Institute of Economic Research has highlighted the project’s potential to significantly benefit the local economy.
With a capital investment of NZ$1bn ($588.3m), it is expected to create 1,125 jobs in the Taranaki Region and Whanganui District, contribute NZ$234m annually to various local industries, and generate more than NZ$190m per year in government taxes and royalties.
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By GlobalDataThe project’s forecast export earnings exceed NZ$850m, positioning it among New Zealand’s top 12 export earners.
The New Zealand EPA has a ten-day window to review any competing applications or existing consents.
Following this period, the application will be handed over to the panel convener, who will appoint an expert panel to convene and assess the application.
Manuka Resources executive director Alan Eggers said: “We are delighted to have our Taranaki VTM Project accepted into the fast-track process, which aims to streamline permitting to stimulate economic activity while ensuring adherence to high environmental standards.
“The fact that the application was accepted on first submission speaks to the immense volume and quality of technical, environmental and social work we have undertaken over the past 10-plus years.
“We believe we have proposed a set of operating conditions and management plans to generate much-needed growth within New Zealand and regional areas, create high-paying jobs and minimise any environmental impacts in the South Taranaki Bight.”
In October 2024, the New Zealand Government planned to include 149 projects in a fast-track approvals bill, focusing on housing, infrastructure, mining and agriculture, to stimulate a slowing economy.
