A company's plan to mine 50 million tonnes of South Taranaki seabed every year has cleared the first hurdle in the Fast-track process.

Trans-Tasman Resources (TTR) executive chair Alan Eggers said he was "delighted" the company's application for its Taranaki VTM project had been accepted as complete and would now move on to the next stage of the Fast-track process.

Opponents, meanwhile, are "livid" and have vowed to continue their fight against the project.

TTR wants to mine 50 million tonnes of seabed a year for 30 years in the South Taranaki Bight.

Eggers said the company had identified a world-class vanadium resource that could contribute $1 billion annually to the economy.