The owner and insurers of the MV Rena are to propose leaving part of the wrecked cargo ship on the Astrolabe Reef, as the clean-up bill passes $275 million.
If left, the remaining sections would be made safe, while future regeneration of marinelife around the reef would also be ensured.
Tauranga iwi remain adamant that the Rena wreck must be removed. Responding to the announcement from Rena's insurer The Swedish Club that it proposes leaving the rest of the wreck on Astrolabe Reef where it grounded in 2011, local Maori are united in signalling their opposition to the proposal.
If part of the wreck is eventually left in place at the reef, the company will make a $10.4 million payment to the Crown. The Rena's owners have also agreed to establish a $27 million compensation fund for those who lost goods when the ship ran aground. Another $11.5 million fund is offering compensation to Bay of Plenty people and businesses who suffered losses.