Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
Decision Maker | Overseas Investment Office |
Decision Date | 3 May 2019 |
Investment | An overseas investment in sensitive land, being the Applicant's acquisition of freehold interests in four residential properties totalling 1.1431 hectares in Waihi, details withheld under s9(2)(b)(ii) of the Official Information Act. |
Consideration | Withheld under s9(2)(b)(ii) of the Official Information Act |
Applicant | Oceana Gold (New Zealand) Limited United States Public (49.0%) Canada Public (19.0%) United Kingdom Public (9.0%) Australian Public (9.0%) European Public (8.0%) Federal Republic of Germany, Germany (4.0%) Various, Various (2.0%) |
Vendors | Four New Zealand owned vendors, details withheld under s9(2)(b)(ii) of the Official Information Act. |
Background | The Applicant owns and operates the Martha mine (open pit) and Moonlight, Favona, Trio, Correnso and Slevin (underground) mines at Waihi. The Applicant is a significant employer in the Waihi region and has undertaken a number of previous investments that are of benefit to New Zealand. The land is residential land which is being acquired for purposes incidental to mining activities. The OIO is satisfied that the appropriate residential land outcomes are the incidental residential use outcome and the non-residential use outcome and that the overseas investment satisfies the requirements of those outcomes. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. The OIO is satisfied that the overseas investment is likely to benefit New Zealand. |
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