Billions in iron sand?

This article appeared in the Taranaki times in March 2011 but as this blog wasn’t active at the time I thought I’d post it now. $ 2300 billion worth of Iron sand to be harvested from our seabeds? Anyone want to comment on this? (Remember you will have to be approved once to check if you’re a human being or a spam bot)

An estimated $2300 billion worth of ironsand is sitting off the coast of Taranaki, a company seeking rights to mine the mineral says.

Trans-Tasman Resources (TTR), a New Zealand-based company owned by overseas interests, revealed the facts and figures behind its plans in a presentation to the Taranaki/Whanganui Conservation Board.

TTR was established to explore, assess and then hopefully mine the iron-ore deposits off the west coast of the North Island, the company’s environmental and approvals manager, Andy Sommerville, said.

His estimate is a result of surveys already completed. He said his company was one of several applying for, or which have already been granted, prospecting rights on the west coast.

TTR had Crown Mineral Act approval for prospecting an area along the west coast and was in the process of applying for a second, he said.

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