Seabed Miner Trans-Tasman Resources Retracts Claim It Will Earn $1 Billion A Year

Friday, 11 October 2024, 6:56 pm
Article: RNZ

Robin Martin, Taranaki Whanganui reporter

The owner of a company that plans to mine the seabed off the coast of Taranaki has retracted claims the project will generate $1 billion in export earnings annually - after the plan was included in the government's list of projects being considered for Fast Track Bill approval.

But activist group Kiwis Against Seabed Mining says the flip-flop is just the latest in a "fire of falsehoods" from the company - Trans-Tasman Resources (TTR).

TTR wants to extract 50 million tonnes of seabed every year for 30 years.

TTR's owner, Manuka Resources, echoed the earnings claims about the New Zealand project in an announcement to the Australian sharemarket on 7 October.

"It is of national significance, we have identified a world-class vanadium rich iron sands resource that has the ability to contribute $1 billion annually to export earnings," it said.

Two days later it backtracked.

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"Manuka wishes to formally retract/withdraw the specific revenue comment, the ability to contribute $1 billion annually, on the basis:

• A) The comment represents forecast financial information for the purposes of the ASX Listing Rules, but has not been reported in accordance with the requirements of the
• B) Given production targets have not been derived, Manuka does not have a reasonable basis to provide this information; and
• C) Investors are not to rely on the forecast financial information as a basis for any investment decision concerning the company."

Kiwis Against Seabed Mining spokesperson Cindy Baxter said Manuka had to admit it could not stack up TTR's earnings claim.

"This is an ongoing story of Trans-Tasman Resources' firehose of falsehoods. They keep misleading their investors and it looks like they have been caught out quite badly this time."

In April, TTR pulled out of Environmental Protection Authority consent hearings that followed years of legal battles and a Supreme Court ruling that not enough conditions were present to protect the environment. At the time opponents said they were afraid TTR would seek a Fast Track Bill approval.

Baxter said the big question was whether or not the people who drew up the Fast Track Bill projects list had also been influenced by the $1 billion annual earnings claim.

"Did they give this $1 billion figure to the fast-track approvals group in order to be able to get on the list?" Baxter said.

"If so, have they corrected it with that group? - Have they corrected it with the New Zealand government, with MBIE, with the ministers who approved of them going onto the fast track?"

Baxter called for TTR to be removed from the fast track list.

"This is absolutely appalling, not even to come up with the right facts and figures.

"Basically this is just more evidence that you can't trust this company and we want them off the fast track list

Trans-Tasman Resources executive chair Alan Eggers declined an interview with RNZ, but described the earnings retraction as a "technicality".

He pointed out that the ASX was happy with a modified earnings claim included in Manuka Resources' retraction announcement.

"Manuka wishes to clarify the reference to revenue was in relation to New Zealand's export earnings and economy and states:

"The New Zealand government has identified Manuka's world-class vanadium rich iron sands resource project as one of national significance that has the ability to contribute to New Zealand's economy and export earnings and to the Government's resource objective of doubling the value of New Zealand's mineral exports to $2 billion by 2035."

Eggers then doubled down on the claim TTR would eventually generate $1 billion annually in export earnings.

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