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| Manuka Resources |
Application Accepted by Environmental Protection Authority
Manuka Resources (ASX:MKR) has announced a major milestone for its Taranaki VTM Project, with the Environmental Protection Authority (EPA) of New Zealand confirming that the application submitted by its wholly owned subsidiary, Trans-Tasman Resources, has been accepted as complete. The project will now move to the next stage of the country’s fast-track consenting process.
Located 22 km off the coast of South Taranaki Bight, the project proposes the extraction of five million tonnes per year of heavy mineral sands rich in iron ore, vanadium, and titanium. The fast-track process is part of a New Zealand government initiative to expedite significant infrastructure and economic development projects while maintaining strict environmental oversight.
Strong Economic Projections and Regional Benefits
A pre-feasibility study released in March projected average annual EBITDA of $312 million over an initial 20-year mine life, with a net present value (NPV) of $1.26 billion and an internal rate of return (IRR) of 39%.
An independent analysis by the New Zealand Institute of Economic Research valued the project at NZ$1 billion, estimating it would create 1,125 jobs in the Taranaki and Whanganui regions. The study also forecasts an annual economic injection of NZ$234 million into local industries and NZ$190 million in taxes and royalties. Export earnings are projected to exceed NZ$850 million per year, placing the Taranaki VTM Project among New Zealand’s top 12 exporters.
Commitment to Environmental and Regional Development
Manuka director and Trans-Tasman Resources executive chairperson Alan Eggers said the fast-track acceptance was a testament to over a decade of technical, environmental, and social planning.
“We’re 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,” Eggers said.
He added that the first-round acceptance highlights the strength of the submission. “We believe we’ve proposed operating conditions and management plans that support national growth, create high-paying regional jobs, and minimise environmental impacts in the South Taranaki Bight.”
The EPA will now check for overlapping consents or competing applications within the next ten working days before referring the matter to a panel convener. A panel of independent experts will be appointed to evaluate the application, which will then be published on the fast-track consents website once the panel is established.
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