TTR’s iron sands project has been included in the New Zealand Government’s Fast Track list. Pic: Getty Images
Manuka Resources’ Taranaki project moves into fast track
Mining
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- Taranaki iron sands project added to the New Zealand Government’s Fast Track List
- Project hosts 3.2Bt vanadium rich titanomagnetite iron sand resource, among the largest vanadium prospects in the world
- Could contribute $1 billion annually to NZ export earnings, 2x the mining sector’s current contribution to the Kiwi economy
Special Report: Manuka Resources’ wholly owned subsidiary Trans Tasman Resources has welcomed a major step forward for its world class Taranaki vanadium and titanium project after the inclusion of the project on the New Zealand Government’s Fast Track Projects List.
The Taranaki project hosts a 3.2 billion tonne vanadium rich titanomagnetite iron sand resource, ranking among the world’s larger drilled deposits of critical mineral vanadium.
The project in the South Taranaki Bight is additionally rich in another critical mineral, titanium, with its concentrate grading 8.4% titanium dioxide.
In welcoming the announcement made by the NZ Government over the weekend, TTR Executive Chairman Alan Eggers said:
“Our project is of national significance as we have identified a world-class vanadium rich iron sands resource that has the ability to contribute $1 billion annually to export earnings, doubling the entire mining sector’s current contribution to New Zealand’s economy.
“Development of the project could elevate New Zealand to be the third largest producer of this strategic metal globally and the largest in the western world.
“We recognise that this is the first step in the Government’s approvals process and there is much more work to be done, including finalising the Fast Track enabling legislation, but it is a welcome development.
“Our project offers huge economic development opportunities, for New Zealand including hundreds of jobs in the Taranaki region.”
Until now vanadium has been mostly used for high strength steel. However vanadium redox flow batteries used to back up large scale wind and solar renewable power could soon take over from this traditional application.
Also in the clean energy sector, vanadium can be included in lithium-ion batteries to enable faster-charging, longer lasting, safer and more powerful batteries than those made with existing tech.
Critical industry
The good news for the Manuka Resources (ASX:MKR) owned company comes just a couple of weeks after the NZ Government released the country’s first draft critical minerals list to spotlight the country’s under-developed mineral resources, and days after Prime Minister Christopher Luxon said he wanted mining and renewables to coexist off the South Taranaki Bight.
Under the pro-mining Government elected 12 months ago, NZ hopes to double the export value of its resources to $2 billion by 2040, saying the country’s minerals can contribute to the world’s climate-change efforts – and be a great source of wealth for Kiwis.
The Taranaki project’s inclusion on the fast track list follows TTR’s invitation by the Government to be a part of the list in April and getting a 375% lift to the project’s mining permit area in July.
Eggers notes the International Energy Agency estimates that to reach net-zero emissions by 2050, the world will need six times more minerals for low-emissions technology than currently extracted.
“Development of battery storage for wind and solar power, plus electric cars, buses and other vehicles is driving greater demand for more minerals and metals – and this is only likely to increase,” he said.
“The Luxon Government recognises this. In 2024 it has upped its interest in the minerals sector by developing a minerals strategy to 2040, a draft critical minerals list and it has received a report from GNS Science outlining the country’s mineral endowment and opportunities for development including our iron sand resource.”
Eggers said it was also pleasing to see the Government aiming to streamline approvals processes for responsible developments.
TTR has already conducted comprehensive marine surveys and commissioned NIWA (NZ’s National Institute of Water and Atmospheric Research) and other experts to research the marine environment to understand the likely impact of its activities.
The modern seabed minerals harvesting process is all natural, with no chemicals or toxins used and the research has found the impact can be managed via conditions TTR has agreed on with the Environmental Protection Authority. It’s also agreed to a full set of operating and marine monitoring management plans.
“We don’t see the fast-track process as a way to bypass environmental concerns or avoid our environmental responsibilities.
“But it appears the fast-track process is the only way projects of national significance may ever get off, or out, of the ground.”
This article was developed in collaboration with Manuka Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
