Ocean ironsands mining decision due Wednesday

Mon, 16 Jun 2014

By Pattrick Smellie June 16 (BusinessDesk) - The fate of a $70 million bid to mine ironsands off the ocean floor in the southern Taranaki Bight will be known this Wednesday when a decision-making committee appointed by the Environmental Protection Authority rules on TransTasman Resources' marine consent application, the first sought under new regulation governing commercial activity in the Exclusive Economic Zone. Backed by Australian, American and New Zealand investors, TTR intends to raise as much as US$550 million in debt and equity to...

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