Task force to develop policies for Seabed Minerals Act

Government will shortly establish a task force to develop policies for the administration of the Seabed Minerals legislation. Finance Minister Hon Wilkie Rasmussen informed the Herald on Tuesday evening the task force will include members from the private sector and will have two months to report back to Cabinet. The Minister said consideration was given to appointing a Minister as acting Commissioner under the Act but this was not possible. Government has already indicated it is keen to seek expressions of interest from parties wishing to apply for an exploratory licence.
It is known that while government is interested in further exploration in the area of the Manihiki plateau it is also known that the manganese nodules in this area may not be as dense as other areas.
According to Opposition Leader Hon Tom Marsters who was a member of the former Nodules Committee, the estimated value of the resource did not include the value of the gold content or the Yttrium content. Ytrrium is a rare but valuable element used increasingly in super conductors, computers and space craft.
Marsters advised the Herald it is important to find out what other economically viable resources are on our ocean floor besides the manganese nodules. The legislation has application to any new resource which may be discovered.

By Charles Pitt

Herald Issue 463 10 June
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