A body representing New Zealand's minerals industry says proposed foreshore and seabed legislation will lead to increased exploration risk and a decline in investment.Submissions on the Marine and Coastal Area (Tatukai Moana) Bill close today, and Maori A
A body representing New Zealand's minerals industry says proposed foreshore and seabed legislation will lead to increased exploration risk and a decline in investment.
Submissions on the Marine and Coastal Area (Tatukai Moana) Bill close today, and Maori Affairs select committee chairman Tau Henare said as of yesterday, more than 1900 had been received.
The bill repeals the Foreshore and Seabed Act and replaces it with legislation that removes the foreshore and seabed from Crown ownership, puts it in the public domain and allows iwi to seek customary title to parts of it through the courts or through negotiation with the Government.
The threshold for that to happen is high though, and the Crown maintains ownership of statute minerals (gold, silver, uranium and petroleum).
The New Zealand Minerals Industry Association (NZMIA) said in its submission the area of seabed affected by the bill had potential to produce a range of world class minerals worth hundreds of billions of dollars.
But NZMIA chief executive Doug Gordon said customary title and the rights it afforded in the bill would increase exploration risk.
"The decline in investment would be on-going as the protection of rights to seabed minerals in the bill is aimed primarily at the holders of existing, short duration permits that will soon expire," Mr Gordon said.
He said costs and risks of exploration and mining in the coastal and marine area were already high, and the possibility of private ownership of the seabed and non-statute minerals was likely to further discourage exploration and mining of all minerals.
The NZMIA wants the Crown to retain ownership of all minerals, and for it to retain the right to agree access arrangements for all minerals.
"If that is not accepted, the bill should extend the arbitration provisions for "activity agreements" to provide for access for non-statute minerals after a (customary marine title) is granted."
