Overseas investment decision for case 202100008 - Oceana Gold (New Zealand) Limited

The Applicant is a New Zealand-incorporated gold mining company, with operations in Otago, Reefton, and Waihi. The Applicant is part of OceanaGold Corporation (OGC), a multinational gold mining company with operations in the Philippines, New Zealand, and the United States of America.

The Applicant sought consent to acquire land at Waihi (the Land). The Applicant intends on building a portal on the Land to the Wharekirauponga Tunnel (WKP Tunnel). The Land will also hold surface infrastructures to facilitate the construction and maintenance of the WKP Tunnel. The Applicant intends to also construct a single tunnel with a portal on the Land to their existing Waihi processing plant, linking to the WKP Tunnel. The remainder of the Land that is not utilised for the portals and surface infrastructures will be leased to a third party as farm land.

This Investment will likely enhance the ongoing viability of other infrastructure investments undertaken by the Applicant as part of the Applicant’s overseas investments in the Waihi Mines. This Investment will likely result in the creation of job opportunities and the introduction of a substantial amount of additional investment for development purposes into New Zealand.

The Crown will have the opportunity to acquire the usque ad medium filum aquae rights associated with a stream which adjoins the Land. Additionally, the Applicant is likely to create public access to the part of the adjoining stream that does not currently adjoin a marginal strip. Both the Applicant and OGC have undertaken previous investments that have provided benefits to New Zealand.

Ministers were satisfied that the benefits likely to occur as a result of this investment were substantial and identifiable.