The initiative plans to mine iron sands from 22km offshore the South Taranaki Bight coast.
The project is now advancing toward fast-track government approvals. A pre-feasibility study projects an average annual EBITDA of $312 million (A$484.6 million) over a 20-year mine life, with a net present value of $1.26 billion and an internal rate of return of 39%. The New Zealand Institute of Economic Research conducted an independent assessment, highlighting the project’s economic benefits. With a NZ$1 billion ($588.3 million) investment, it is expected to create 1,125 jobs in the Taranaki Region and Whanganui District, contribute NZ$234 million annually to local industries, and generate over NZ$190 million yearly in government taxes and royalties. Export earnings are projected to exceed NZ$850 million, ranking the project among New Zealand’s top 12 exporters.
The EPA will review competing applications or existing consents within ten days. Following this, an expert panel, appointed by a panel convener, will assess the application. Manuka Resources’ executive director, Alan Eggers, stated: “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.” He added: “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.”
The project includes operational and management plans to promote economic growth, create high-paying jobs, and minimize environmental impacts in the South Taranaki Bight. In October 2024, the New Zealand government identified 149 projects, including this one, for fast-track approvals to boost sectors like mining, housing, and infrastructure, supporting economic recovery.
