A small company with giant aspirations says it could develop a billion-dollar ironsands dredging business within a few years off the west coast of the North Island.
It may seek hundreds of millions of dollars from investors to develop the project, which would be a New Zealand first. Trial mining could be possible within three years. The company, Trans-Tasman Resources, is still at the early stages, but if successful, the offshore ironsands could be a huge money-spinner, helping to meet the growing demand for iron ore used in the steel industry, especially in China.