South Island iwi Ngai Tahu will receive about $6 million under aquaculture settlement legislation passed by Parliament yesterday.
Coromandel iwi will share the remainder of the $97 million one-off settlement.
The Maori Commercial Aquaculture Claims Bill, which passed its third reading on a unanimous vote yesterday, was negotiated to compensate 11 iwi for loss of opportunities because of the way aquaculture space has been allocated.
The settlement deal was signed in May last year and covers all the Crown's obligations for aquaculture space approved between September 1992 and December 2004 under the previous marine farming regime.
"The original settlement was based on Maori getting a share of new aquaculture space to make up for that which they had not acquired historically, but the process for providing this space failed," Acting Fisheries Minister Nick Smith said.
"This cash settlement has been used to resolve this issue."
He called the settlement "ground-breaking" because so many iwi came together to negotiate a single agreement across much of the country.
The settlement money did not have to be spent on aquaculture, a Ngai Tahu spokesman said last night.
Until spending decisions were made, the money would be lodged with Ngai Tahu Fisheries Settlement Ltd, the holding company which oversees the iwi's seafood interests.
Ngai Tahu has no aquaculture operations in the lower half of the South Island but has plans to develop New Zealand's second-biggest marine farm, 2695ha of greenshell and blue mussels, 14km offshore in Pegasus Bay, north Christchurch.
The giant operation would be a joint venture with the Marlborough Mussel Co Ltd.
