Taranaki VTM Project

Taranaki VTM Project

The Taranaki VTM (vanadium titano magnetite) Iron Sands Project recently released its maiden vanadium resource which ranks it as one of the largest drilled vanadium projects globally (as well as a 3.2Bt JORC resource). The Project is located outside New Zealand territorial waters (within its EEZ or exclusive economic zone) and has a granted mining licence, MP55581 permitting production of 5Mt/a. The project is located in waters ranging between just 20 – 40 me

tres depth. The Project sits in the lowest quartile of the iron ore production cost curve. The Company awaits the reissuance of its Environmental Approval before completing its Bankable Feasibility Study.

  • World class resource 3.2bt vanadium, titanium & magnetite (iron ore)
  • Targeted lowest quartile carbon emissions1 of Fe producers globally (62kg CO2/t vs 125-250kg CO2/t)
  • Anticipated lowest quartile costs for Fe producers2 US$20-23/t FOB (PFS 2013 adj. inflation)
  • EXCLUDING credits from vanadium or titanium
  • Located within NZ EEZ (exclusive economic zone targeting gas, oil, mining)
  • NZD$85m invested to date (~US$50m)
  • Mining Licence granted 2014 (MP55581) – 5Mt pa production for 20 years
  • Granted initial EPA environmental consents to operate 2017 – final approval process nearing completion
  • New Zealand government focused on implementing mining code subject to appropriate environmental safeguards
  • Announced Maiden Vanadium JORC Resource3 1.6Mt of contained V2O5

Jorc Report

Environmental Advantages

  • Operation has small environmental footprint with only 300m x 900m area of disturbance at any time
  • Very low carbon emissions (<50%) compared to other hard rock iron ore deposits with no: Heavy machinery mining fleet, Open pits, Waste dumps, Haul roads, Energy intensive crushing & grinding circuits, Railroad or ports
  • No chemical additives in processing or tailings
  • Natural processes delivers rapid rehabilitation of mined areas
  • Short term confined environmental impact with rapid recovery
  • No impact on fish, whales or dolphins
  • No legacy issues with rehabilitation part of recovery process


Development of STB Seabed Mineral Recovery Project is a significant opportunity for New Zealand

  • Delivers essential and critical minerals for the shift towards net zero carbon
  • World demand for VTM product, diversification of supply and security of supply chains of critical minerals for western nations
  • NZ will be a global leader in Seabed Mining including:
  • Mineral recovery technology
  • Marine environmental research, monitoring & permitting
  • Potential to propel NZ to world’s third largest vanadium supplier
  • Western world’s largest supplier vanadium at 20,000t V2O5
  • STB operation will set a benchmark for seabed mining operations
  • EEZ well regulated, has high environmental safeguards and protection

[2] Ibid

[3] ASX release 1 March 2023