The minerals industry is welcoming news that Trans-Tasman Resources has been granted a permit to extract ironsand off the coast of Taranaki.
The 20 year permit from the Ministry of Business, Innovation and Employment is the first step in a regulatory process that could allow mining in a 66 square kilometre area of the South Taranaki Bight.
Straterra, an industry group, said the decision makes it easier for Trans Tasman Resources to get finance for the next stage.
A marine resource consent must still be granted and an Environmental Protection Authority hearing is underway, with a decision expected in June.
Straterra chief executive Chris Baker said the permit will make it easier for the company to get finance.
