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Interview with Manuka Resources Limited

Manuka Resources Executive Chairman Dennis Karp on the potential in New Zealand after the change of government

  • Vanadium
  • Gold
Photo credits: Manuka Resources Ltd.

Manuka Resources Limited is an Australian mining and exploration company with significant assets in the Cobar Basin in mid-western New South Wales. In addition to the November 2022 acquisition of Trans-Tasman Resources Limited (TTR), the owner of the VTM Taranaki Iron Sands Project, the company also holds all rights to two fully permitted mining projects, a gold project and a silver project, both located in the Cobar Basin. Due to a change of government in New Zealand, the TTR project has come under the spotlight. We find out more in an interview.

time to read: 2 minutes | The interview was conducted by Mario Hose on January 31st, 2024 in Sydney, NSW (AU).

Dennis Karp, Executive Chairman, Manuka Resources Limited

Dennis Karp
Executive Chairman | Manuka Resources Limited
201-207 Kent Street, 2000 Sydney, NSW (AU)

Table of contents:

    Change of government in New Zealand

    news|financial: "A change of government in New Zealand has ended the slump in Manuka Resources shares, which have been moving upwards for several weeks and delighting investors. Is it still worth getting in?"

    Yes definitely – TTR’s offshore vanadium project approval is embedded in the new New Zealand government’s coalition agreements announced on 24 November 2023. While the formal “Fast Track" legislation for the project approval is still to follow, the market has risen on the back of the government’s Resources Minister’s interviews. Furthermore, TTR previously had an offer to purchase the Company at a value which equated to 0.80 AUD/share (10x current share price).

    Contact with government

    news|financial: "Are you personally in contact with representatives of the new government?"

    Alan Eggers who is an executive director of Manuka Resources and also the chair of TTR, is in direct contact with the Minister and his most senior staff and advisers.

    Potential of TTR project

    news|financial: "What potential does the TTR project with its titanium and vanadium deposits have for Manuka Resources?"

    This is a potential game changer for Manuka. The project carries an NPV10 of USD 1.8 billion. This is substantially many multiples in excess of our existing market cap.

    Benefits for New Zealand

    news|financial: "It seems that you will also bring benefits to the population of New Zealand. What exactly are they and are there any disadvantages, such as environmental issues?"

    Dennis Karp, Executive Chairman, Manuka Resources Limited
    "[...] We will trigger indirect creation of 1,665 new jobs nationwide, while directly employing 300 staff - 270 operational and 30 administrative. [...]" Dennis Karp, Executive Chairman, Manuka Resources Limited

    The project when in full production will generate annual royalties of NZD 70 million for the New Zealand government and an additional NZD 180 million in corporate taxes per year and around US 600 million (NZD 960 million) foreign exchange earnings per annum. It is a project of national significance to New Zealand. We will trigger indirect creation of 1,665 new jobs nationwide, while directly employing 300 staff - 270 operational and 30 administrative. The 2017 EPA approval deemed there to be full rehabilitation from our mining process within 2 years, with essentially no adverse environmental effects on the marine flora, fauna and ecologies offshore Taranaki.

    Gold projects

    news|financial: "The gold price is at a high level and Manuka Resources also has gold in its portfolio. What significance will this project have in the future?"

    Manuka has recently completed a sonic drill program on its Mt Boppy dumps and tails. The results of this program are imminent and due out early February at which stage a new mine plan will be developed for ongoing gold production. Together with this, there is a planned drill program beneath the existing Mt Boppy pit. We see gold playing a significant role in Manuka’s future, and it is worth noting that Mt Boppy was previously one of the richest gold mines in NSW Australia. The previous production was 500,000 ounces gold at 15g/t Au.

    news|financial: "Thank you very much for talking to us."

    Conflict of interest

    Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") currently hold or hold shares or other financial instruments of the aforementioned companies and speculate on their price developments. In this respect, they intend to sell or acquire shares or other financial instruments of the companies (hereinafter each referred to as a "Transaction"). Transactions may thereby influence the respective price of the shares or other financial instruments of the Company.
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