Minister hails $97 million iwi aquaculture deal

The Government yesterday 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.

The deal replaces a previous settlement plan that involved sharing out a percentage of the space.

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.

Prime Minister John Key and Fisheries Minister Phil Heatley were at the ceremony in Wellington for the first Deed of Settlement signing by the new Government.

Mr 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," Mr Heatley said.

"This is an innovative and ground-breaking agreement."

He said it would be necessary to amend the Maori Aquaculture Settlement Act and he would table a bill in Parliament next week so the settlement could be effective by the end of the year.

- NZPA