Up to 60 litres of a dangerous acid and key compound in the commercial manufacture of methamphetamine was siphoned from a Mount Maunganui commercial chemical yard.
Police were now investigating the theft from the Totara St yard where hypophosphorous acid was taken about 11.15pm on Wednesday night.
Wednesday night's theft was the second time the factory had been targeted. In January 2009, 1000 litres of the same acid was stolen. At the time the 1000 litres was worth at least $1 million on the black market and had the potential to make 900kg, or $900 million worth of P.
Detective Matt Valentine said police would not be revealing the name of the chemical yard due to the risk of "copy-cat" actions.
He said two offenders were caught on CCTV footage siphoning the acid into black drums on Wednesday night.