The iwi bought the farm, then largely covered in wattle, pine and scrub, as part of its Treaty of Waitangi settlement.
"We knew the farm required a lot of work to bring it back into any kind of state that it could be used to provide any economic benefit, but the environment is a big part of our kaupapa, and that had to be a primary focus," Mr Marsden said.
Resin and Wax would return the peat to the ground in a state that could then be used for planting. The resins and waxes had a variety of uses, including in industrial solvents and lubricants, and in some countries were used for sealing roads.
"We knew the soil was quite toxic, and this will enable us to get the soil cleaned up so we can use the land again, whether that be for farming or horticulture or whatever, but it will help provide work and opportunities," he added.
Two iwi members were already working with the company to establish the project, and more employment and training opportunities would arise as the pilot project expanded. No value or potential job numbers had been put on the project at this stage.
"This is the first time we've done a joint venture, but it's going to be a big win for us, and will help future-proof the iwi. To be honest we're over the welfare programmes — that's not going to create education or create jobs or opportunities," Mr Marsden said.
"We have to get our own ventures going to create those opportunities, and this will help set up those economic, environmental and employment opportunities."
The iwi would also work with the Department of Conservation, which had an estate neighbouring the iwi land, to see how they could jointly enhance the environment.