Manuka Resources Gains After Taranaki Project Invited To Apply For Fast Track Approval In New Zealand

Manuka Resources Ltd (ASX: MKR) shares have surged 12.5% higher in intra-day trading today.

This is after receiving a formal invitation from the New Zealand Government to prepare an application for the Taranaki VTM Project to be included as a Listed Project in New Zealand’s Fast Track Approvals Bill.

The invitation represents a positive step toward Manuka achieving the final approvals required to develop and operate the world-class Taranaki VTM Project.

Taranki VTM Project

The 3.2 billion tonne vanadium titanomagnetite (VTM) iron sand resource is located offshore in the South Taranaki Bight of New Zealand, with a granted Mining License permitting the production of 5Mtpa (million tonnes per annum).

The key attributes

  • A 1,043Mt JORC Resource in Stage 1 Mine Area
  • Minimum 20year Life of Mine
  • C1 costs approximately US$20 – US$24 / tonne of concentrate
  • VTM Concentrate Grade 0.5%V205, 8.5%Ti02 and 55% – 57%Fe
  • Total 3.8Bt STB JORC Resource Base
  • A 60-year resource at a 5Mtpa production rate

It ranks as one of the largest drilled vanadium deposits globally.

The Taranaki Project is in the lowest cost quartile of iron ore producers but also sits in the lowest quartile for carbon emissions.

Fast Track Approvals Bill

New Zealand’s new Government has committed to a range of key policy initiatives for the development of natural resources and mining projects, particularly a ‘fast track’ one-stop shop consenting and permitting process.

The new NZ government is very focussed on fast-tracking sound mining projects and makes particular mention of our 100% owned VTM Project in the Taranaki.

The Fast Track Approvals Bill was introduced to the New Zealand Parliament on 7 March 2024 to provide a streamlined decision-making process to facilitate the delivery of infrastructure and development projects with significant regional or national benefits.

Next steps

TTR is currently preparing an application for the Taranaki VTM Project to be included in the bill. Applications are due to be lodged by 3 May 2024.

The Advisory Group will make recommendations to the relevant ministers, who will then make decisions on what projects to include in the bill.

These projects will be added to the bill either through the Environmental Select Committee process or later in the Parliamentary process.

Gold and silver producer

Manuka is a gold and silver producer with assets in the Cobar Basin of central west New South Wales.

The company’s Mt Boppy Gold Mine has a resource of 368,000 tonnes of gold mineralisation.

This is contained in a mix of oxidised and transitional/fresh mineralisation, a mineralised waste dump and historic stopping sands.

Manuka also has ~60,000 tonnes of gold mineralised stockpiles present on the surface at the Mt Boppy ROM stockpile.

 

 

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