Thursday 29 May 2014

A minerals fortune in NZ waters - Mach II

I had another crack at this article.  This version tells you a few things different to the first version.  

I hope it's not too technical or confusing...  It may surprise you.  Enjoy.

A minerals fortune in NZ waters - Submissions invited

by Bronwyn Llewellyn
30 May, 2014

Submissions to NZ Petroleum and Minerals are invited from the public as part of the Partial Fees Review 2014  which closes on June 6. Thorium deposits in our seabed are valued between 5 -20 trillion dollars.

New Zealand's deep sea mining basins contain up to $20 trillion in rare earth minerals, former CEO of Solid Energy Dr Don Elder told attendees at a 2010 petroleum conference in Auckland. 

Attending the conference was Rod Young from Tokoroa, a mining enthusiast who holds claims around Coromandel, Thames, Paeroa, Waihi and north Fiordland.

"New Zealand is the wealthiest per capita populations on the planet behind Saudi Arabia," Young said recently on a visit to Hamilton.

“One of the things I’ve researched is a thing called thorium. Gram for gram it’s got a million times more energy than coal, with no CO2 given off. China’s picked up on this thorium and [will] basically replace all its coal-fired power stations. When people are saying they’re going to get iron sand, they’re not. They’re after rare-earth minerals, and one of them is thorium.”

Overseas mining operations currently pay the Crown as little as 1% in royalties from minerals mined in the NZ’s offshore sedimentary basins.

Young’s submission to the Fees Review says royalties from mining in New Zealand should be 99% to help increase living standards for all New Zealanders, and to honour The Treaty of Waitangi.

Young said that Indonesia had negotiated for 97% in mining royalties and still, the multi-nationals had lined up to develop Indonesia’s oil and gas reserves.

“Norway banked $400 billion dollars over 40 years for the old people super fund. So why is [MP Simon] Bridges keen to give it all away?"

Hamilton business owner and anti-mining campaigner Tom MacRae said, “There’s a part of me that’s not against making a dollar.  I’m disgusted that we only get 1% from the oil and gas companies.  What we have is all these corrupt people doing deals that are not beneficial for New Zealanders.”

When Young was at the 2010 Crown Minerals conference, he talked to some people described as being very high up, who advised the government.

“They told me that Cabinet has been forbidden to use the word ‘thorium’, which I thought was quite interesting.”

Young said after the government’s review of fees process is finished, the multi-national mining companies will all be jockeying for claims, looking for rates reductions and what their total payments will be for the next 47 years.

The timing coincides with NZ’s general elections in September.

While we’re talking about who won and what the coalition arrangements are going to be, all the multi-nationals will be claiming up large, all of the Crown Minerals, 20 thousand billion dollars.”

THE THORIUM PROBLEM - Danger of existing thorium regulation to

Published on Apr 4, 2012

John Kutsch of Thorium Energy Alliance and Jim Kennedy of ThREE Consulting review the hazards maintaining U.S. current thorium policy. Heavy Rare Earth Element mining is impeded. Energy sector innovation is stifled. Thorium is less dangerous, less radioactive, and less easily metabolized than many elements we are exposed to on a daily basis.

Current regulation assists China's capture of high-tech manufacturing sector. Current regulation protects incumbent U.S. [light] rare earth producers who DISPOSE of thorium and valuable heavy rare earths in tailing ponds. Current regulation does NOT facilitate growth of U.S. economy.

Lawmakers on both sides of the aisle recognize reform is needed. No one is willing to introduce legislation to address the thorium problem. China continues to capture high-tech manufacturing jobs. U.S. private corporations are unable to pursue thorium an an energy resource.

THE THORIUM PROBLEM was delivered at SME - Society for Mining, Metallurgy & Exploration on Feb 20th 2012 [2012-02-20] in Seattle.

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