ASX-listed Manuka Resources’ wholly owned subsidiary, Trans-Tasman Resources, has received confirmation from the Environmental Protection Authority (EPA) that its application for the Taranaki VTM project has been accepted as complete and will proceed to the next stage of New Zealand’s fast-track approvals process.

The project, located 22 km off the South Taranaki Bight coast, proposes to extract five-million tonnes a year of heavy mineral sands containing iron-ore, vanadium, and titanium.

A prefeasibility study released in March estimated the project would generate average yearly earnings before interest, taxes, depreciation and amortisation of $312-million over an initial 20-year mine life, with a net present value of $1.26-billion and an internal rate of return of 39%.

An independent assessment by the New Zealand Institute of Economic Research estimated the NZ$1-billion project would create 1 125 jobs in the Taranaki and Whanganui regions, inject NZ$234-million a year into local industries, and deliver more than NZ$190-million a year in taxes and royalties. Forecast export earnings of over NZ$850-million would position the project among the country’s top 12 exporters.

“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,” said Manuka director and executive chairperson of Trans-Tasman Resource, Alan Eggers.

“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,” he said.

“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.”

The EPA will now assess for any competing applications or overlapping consents within ten working days before referring the matter to a panel convener. A panel of experts will then be appointed to evaluate the application. The full submission will be published on the fast-track website once the panel is in place.