The Killalea State Park Trust has a 50-year lease agreement with Killalea Coastal Investments, which was initially a joint venture between Mariner Financial and Babcock & Brown.

With Babcock & Brown placed under administration, Mariner took over all of Killalea Coastal Investments.

However, trading in Mariner's shares were suspended last month after the resignation of two directors.

Mariner's Ecopoint Management, the company that was to manage the Killalea resort, was also placed in administration.

The Save Killalea Alliance and South Coast Labour Council have called for a termination of the controversial lease agreement.

Mr Kelly said Mariner had advised him that its suspension from trading on the stock exchange since May was only due to the resignation of the two directors, and that it would resume trading as soon as replacement directors were appointed.

"Mariner has given the trust and the Department of Lands assurances that it will be in a position to continue with the proposal in accordance with the deed of agreement," Mr Kelly said.

Meantime, South Coast surfing history will be made today when The Farm and Mystics, two of the South Coast's most popular surfing breaks, become protected surfing areas.

For Chris Homer and other members of the Killalea National Surfing Reserve Committee, the dedication will be the end of a journey that began more than two years ago.

The dedication ceremony will begin at 11am.

"There will be an agenda of speakers followed by the official unveiling of the Killalea National Surfing Reserve plaque," Mr Homer said.

"All people are then invited back to the Links Golf Club for celebratory drinks."

Killalea will become the fifth NSW surfing reserve behind Cronulla, Crescent Head, Lennox and Angourie.

Kiama MP Matt Brown said the declaration was "more than simply symbolism".

"It is due recognition for a magic place in Australia."