Rejection for ocean floor ironsands mining bid

Wed, 18 Jun 2014

By Pattrick Smellie June 18 (BusinessDesk) - Investment in resource extraction from New Zealand's vast Exclusive Economic Zone has taken a major knock today, with a decision-making committee of the Environmental Protection Authority rejecting an application from TransTasman Resources to mine ironsands off the seabed some 22 to 36 kilometres off the coast of Patea. TTR issued a statement disclosing the rejection ahead of detail from the EPA, saying it was "extremely disappointed with the decision." The company spent some $60 million ove...

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