The Mayor of Dunedin says it's crucial that action is taken quickly to protect Foulden Maar - Otago's treasure trove of pre-human fossils.
The mining company Plaman Resources - which was planning to mine diatomite for animal feed from the 23-million-year-old crater lake near Middlemarch - went into receivership last week.
Council staff have been working on an options paper for councillors which is due shortly.
Earlier this week, around 160 people attended a meeting in Dunedin where they called on both central and local government to do more to protect Foulden Maar.
Dave Cull says the receivership came as a surpise, and adds to the urgency.