New Space: 2011 – current
Aquaculture approved after 1 October 2011 is referred to as the new space phase.
In this current phase, the Iwi of a region are to receive settlement assets that are equivalent to the value of 20% of the representative value of all aquaculture development in a region. This is formalised through entering into Regional Aquaculture Agreements with the Crown.
This phase of the settlement is forecasted, with the Crown providing Iwi with access to assets prior to development occurring. The amount of assets is based on forecasts of national development and demand for aquaculture by species. For the period between 2011 and 2035, the Ministry for Primary Industries worked with experts and Iwi to forecast the national growth in demand for salmon, green lipped mussels and pacific oysters. Once the forecast was agreed, a valuation model was built for each species that considered the timing of development and variations in regional costs. This model was refined and agreed between the Crown and Iwi. It was then used to determine the overall financial equivalent that Iwi would receive in 2015 for the various regional settlements if cash was taken.
In the new space phase, Iwi in a region can choose how they will receive the settlement assets – as authorisations for space inside an Aquaculture Settlement Area (if established, these areas give Iwi the exclusive right to apply for consent for aquaculture activities within that space), cash or a combination of both. These provisions are supporting the greater involvement of Iwi in the aquaculture industry, although the uncertainty of future space provision has meant that some groups have accepted money in lieu of space.