Finance Minister Nicola Willis and newly-appointed Minister for Rail Winston Peters have announced it is establishing a new company to procure two new ferries for the Cook Strait. 

The ferries are expected to begin operation in 2029 as the existing ferries reach the end of their operating lives.

Willis would not disclose what the project will cost, saying that information is commercially confidential until procurement and negotiations for the associated landside infrastructure have been completed.

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