Trans Tasman Resources said that it's received another license to prospect for iron ore in the Continental Shelf in offshore Taranaki.

Trans Tasman is prospecting for iron ore, titanomagnetite, on the seabed well, and the new licence covers 3314 square kilometers.

Mr Paul Berend MD of Trans-Tasman Resources said the new license, which shares a border with an existing Trans-Tasman licence on the southern Taranaki coastline, is highly prospective.

The New Zealand registered company has two years to complete an initial estimate of the area.

(Soured from Radio New Zealand)