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Waikato-Tainui leaders say they have "future-proofed" their river settlement by securing potentially lucrative rights of first refusal.
The Crown and Waikato-Tainui yesterday signed a Treaty of Waitangi settlement covering the Waikato River.
The rights of first refusal come into play if future governments decide to sell off either
the Huntly Power Station or the Solid Energy permit to mine underneath the Waikato River.
The coal-powered station is the largest power producer in the country, supplying up to 20 per cent of energy requirements.
Genesis Energy, which operates the station, could not estimate its value but a spokeswoman said it would cost $2 billion to build a similar-sized operation.
Solid Energy does not mine under the river but a spokeswoman said the Huntly operation produced 400,000 tonnes of coal last year. She would not say how much that was worth because of commercial sensitivities.
Asked how lucrative those rights were, Waikato-Tainui co-negotiator Tuku Morgan, laughed.
"Well, you know those were incredibly important to us. Should a government like National want to sell, we want to be there to buy and we will if we need to be."
While Mr Morgan has previously said ownership of water was an issue for the tribe, that issue was "put aside" for this deal.
However, if future governments decided to privatise water, the tribe's interests were still protected, he said.
"If you look at the agreement, should the Crown dispose of the water we'll be back at the table.
"We have made sure in relation to property rights that our interests are protected going forward. It is part of our future-proofing approach."
Deputy Prime Minister Michael Cullen, who led the Crown negotiations, said that while the tribe wanted protection the Government was not in the business of selling state assets.
He said the settlement also did not trigger Waikato-Tainui's relativity clause, which sees the tribe receive an extra 17 per cent payment if the total amount of settlements crosses $1 billion, because settlements have to be measured in 1995 dollars.
In February, the amount stood at $817 million but in 1995 terms, settlements were only two-thirds of the way to the cap, he said.
About 1000 people lined the river banks at Turangawaewae Marae yesterday to witness the Crown and Tainui settle four years of negotiations. While there is no financial redress for the river's confiscation, the tribe will receive $100 million staggered over 30 years to clean up the river and will also have a co-management role.
The deal provides $7 million over 30 years for the wider community in a contestable fund to contribute to the river's regeneration.
Environment Waikato said the river's poor health was a result of agricultural practices allowing leachate and nutrient run-off to enter the waterway and 11,300 tonnes of nitrogen to flow out to sea every year.
DRAMATIC TOUCHES AT RIVERBANK SIGNING
Waikato-Tainui's river settlement wasn't an ordinary run-of-the-mill deed-signing yesterday.
As about 1000 people lined the river bank or sat in a special stand to witness Government and tribal representatives agreeing to a new era of co-management, Hollie Smith sang Bathe in the River to close the ceremony.
There were other touches of drama on a day when the river ran calmly after weeks of rain and flooding concerns.
In Maori, tribal representative Tame Pokaia asked other iwi who live along the Waikato, such as Ngati Tuwharetoa, Ngati Raukawa, Ngati Whaoa and Ngati Tahu, if they supported the deal.
Scattered among the crowds they yelled out "ae," or yes. Some river tribes, such as Ngati Koroki/Ngati Kahukura, who have launched legal action, were omitted.
But to underscore the unity message individual kuia from tribes from Ruapehu to Port Waikato sang "pao", which linked their whakapapa to the river.
Deputy Prime Minister Michael Cullen, ministers Parekura Horomia and Mita Ririnui, and co-negotiators Tuku Morgan and Lady Raiha Mahuta, signed the deed by the river's edge - and then it turned into a celebration.
Lady Raiha said the settlement was unique because the tribe wasn't arguing ownership. "All we want to do is for everyone to come with their hand out and clean up our river."
