Manuka Resources' (ASX:MKR) unit Trans-Tasman Resources received confirmation that its application for the Taranaki vanadium-titano-magnetite project was accepted by the Environmental Protection Authority in New Zealand, and it will now progress to the next stage of the New Zealand government's fast-track approvals process, according to a Friday Australian bourse filing.

The project is targeting mineral-rich iron sands off the coast in the South Taranaki Bight, and it plans to magnetically extract and export 5 million tonnes of heavy mineral sands containing iron ore, vanadium, and titanium.

The environmental regulator will have 10 days to check for competing applications and existing consents. After that, the application will be provided to the panel convener, who will appoint an expert panel to consider the application.

The firm's shares fell 3% in recent trading on Friday.