At the heart of the proposed settlement are nine central North Island forests - Kaingaroa, Horohoro, Whakarewarewa, Crater, Waimihia, Marotiri, Pureora, Waituhi and Taurewa.
The forests are administered by the Crown Forestry Rental Trust, which also holds about $240 million in rental revenue collected from foresters renting land in the nine forests.
Under the proposed deal, Tuwharetoa will be offered the chance to buy the Lake Taupo and Lake Rotoaira forests from the Crown.
It has taken 20 years for the iwi to agree on the plan, with three previous attempts made to hammer out a deal over Kaingaroa forest since 1990.
With Ngati Tuwharetoa, the iwi group includes Ngati Whakaue, Ngai Tuhoe, Ngati Rangitihi and Ngati Whare.
There has been speculation such a big settlement could trigger relativity clauses in previous settlements, as it could push the total value of settlements past a $1 billion envelope agreed to between iwi and the previous National government.
That would potentially give tribes like Ngai Tahu and Tainui the right to negotiate a top up. Some others who have a claim to the forests and are not included in the collective are also unhappy about the deal.
Dr Cullen said the proposal allows the Government to hold on to some of the forest for settling those claims. It also included provisions for public access and the protection of the rights of forest licensees.
- NZPA
