AUCKLAND, New Zealand, May 31 (UPI) -- New Zealand is involved in discussions to increase Pacific seabed mining of materials ranging from energy assets to valuable minerals.
New Zealand will be present next week at a meeting of 15 Pacific countries in Nadi, Fiji to delineate the future of Pacific seabed mining, The National Business Review reported Tuesday.
New Zealand's 220-mile offshore Exclusive Economic Zone waters have been determined to encompass the world's fourth-largest area of seabed but the country's Resource Management Act which provides an omnibus protection for the environment, doesn't apply beyond the 12-mile territorial limit.
Besides hydrocarbon assets, which could rival Australia's offshore Greater Sunrise natural gas field in dispute with Timor Leste, investors are interested in the seabed's rich mineral deposits, including significant reserves of iron sands, gold, copper, ilmenite, rutile, platinum, garnets and zinc.
While eight other Pacific nations have recently granted exploration licenses for the new industry, interest has outpaced legislation and there are few policy and regulation guidelines to manage it.
