A mining company seeking to extract iron ore from the seabed is appealing against the Environmental Protection Authority decision to decline marine consents.
Trans-Tasman Resources had asked to mine for iron ore in a 66-square kilometre area of seabed 22km off the coast of Patea, in Taranaki. It expected to extract about 5 million tonnes of iron ore concentrate a year worth a total of $440 million
However, the Environmental Protection Authority said it was not satisfied the environment would be protected or the adverse effects from the mining could be avoided, remedied or mitigated.
Trans Tasman Resources' chief executive Tim Crossley said he was confident there were strong grounds for appeal.
Mr Crossley said the project would have significant economic benefits, creating 420 jobs and growing New Zealand's gross domestic product by $302 million a year.