The Crown Minerals Act provides a newframework for the management of Crown owned minerals and requires that regard be had for the principles of the Treaty of Waitangi. The Act requires the preparation of Minerals Programmes to achieve the Act's objectives of efficient allocation of rights and the recovery of a fair financial return on its minerals. Efficient allocation requires that a permit is allocated to the party which values it most highly. A fair financial return to the Crown must be considered in the context of the economic rent available from individual mineral projects, with the proviso that a nil return to the Crown as the owner of the resource will not be considered a fair return from the community's perspective.