News last update:6 Aug 2012

NZ minister signs mega million aqua deal

The New Zealand Government signed a Deed of Settlement with South Island and Hauraki iwi that delivers a $97 million payment for aquaculture space that was approved between 1992 and 2004.

It turned out to be unworkable and years of delay severely limited aquaculture development, which the Government wants to advance to a $1 billion-a-year industry.

Fisheries Minister Phil Heatley said the settlement covered the vast majority of current aquaculture development areas, including the Marlborough Sounds, Tasman Bay and Hauraki Gulf, and also the remainder of the South Island. "Settling claims for commercial aquaculture space will give a financial boost to the iwi groups involved as well as helping to give the aquaculture industry certainty for future development," he said.

[source: New Zealand Herald]

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