Iron sand miner to fast track South Taranaki mining plans if...

Iron sand miner to fast track South Taranaki mining plans if appeals against project fail

MONIQUE FORD / Fairfax NZ
Protestors voice their concern over consent given to TTR to dredge the seabed for ironsand

A proposed new company that will hold the rights to mine iron sand off the coast of Taranaki plans to fast track the mining project if appeals against it fail.
Trans-Tasman Resources this week announced its plans to merge with Perth-based Manhattan Corporation, a company part owned by TTR directors Alan Eggers and John Seton, Manhattan Corporation reported.
Should the merger go ahead Manhattan will acquire all of TTR assets in return for 706 million ordinary shares and 706 million performance shares valued at $36.4m, based on Manhattan's latest traded share price of 26c a share.

TTR
TTR's plans to dredge the seabed off the Taranaki coast for ironsand is being appealed.

In August New Zealand's Environmental Protection Authority granted TTR marine and discharge consents to annually mine 50 million tonnes of iron sand over 35 years in the South Taranaki Bight.
READ MORE:
* Seven appeals lodged in High Court to fight Taranaki ironsand mining plan
* Controversial plan to mine seabed for iron ore approved in split decision
A remote controlled dredge will vacuum sand from the sea bed between depths of 20 metres and 42m, at a rate of 8000 tonnes an hour, to a processing ship. The dredging is earmarked in an area 22 kilometres to 36km off the coastline from Patea.
The proposal was widely opposed and the EPA decison has been appealed to the High Court by environment groups, including Kiwis Against Seabed Mining, Forest and Bird, and Greenpeace, as well as Taranaki iwi.
The hearing is scheduled to be held in Wellington between April 16-19 with a decision expected around July or August.
Should those appeals fail the company said it would fast track the Taranaki project and raise more capital.
So far TTR had spent $80m in preparation to dredge in the South Taranaki Bight.
If the appeals are successful the company could reapply to the EPA for consent and use funds raised towards their West Coast project.
TTR also have permission to dredge heavy mineral sands between 1km and 12km off the West Coast from Hokitika to Karamea, an area spanning 4440sqkm.
The area contains potential heavy mineral sands and precious metal deposits on the seabed at between 20m to 80m deep.
Manhattan have a mining stake in West Australia with an uranium project situated 200km north east of Kalgoorlie.
However the project is on hold, for at least four years, due to a state government decree not to approve new uranium mines.
The newly merged company would be called TTR Corporation and will be publicly listed on the Australian Stock Exchange.
Much of the iron sand mined off the South Taranaki coast would be sent to China, which imported more than 1 billion tonnes of iron ore in 2016 for steel making.
The EPA was split on the controversial seabed mining application lodged by TTR with two members of its four-person decision-making committee issuing a "strongly dissenting opinion".
But chairman Alick Shaw, made the casting vote to approve the application.

https://www.stuff.co.nz/business/10...-mining-plans-if-appeals-against-project-fail