Overseas investment decision for case 202500280 - Matakanui Land Limited

Consent granted

Section 12(1)(a) Overseas Investment Act 2005

Bruce Duncan Stuart Jolly and Linda Marie Jolly
Withheld under section 9(2)(a) of the Official Information Act 1982
New Zealand 100%

Bendigo Station Limited
New Zealand 100%

Matakanui Land Limited is a land holding company which is ultimately owned by Australian company Santana Minerals Limited, a precious metals exploration and development company headquartered in Sydney, Australia.

Matakanui Land Limited is buying a total of approximately 3,680.33 hectares of farm land at Ardgour Station, Tarras, Cromwell and Bendigo Station, Tarras, Cromwell. The land is currently used by the Vendors for pastoral farming.

Part of the land will be used in the excavation of an open pit and underground gold mine, and the remainder of the land will be leased back to local farmers. The mine will be operated by the Applicant’s sister company Matakanui Gold Limited.

The main benefits to New Zealand are likely to include:

• Direct capital investment of over $500 million over its 13–14-year life span;
• Employment of around 350 people (FTE) per year over the construction and the lifetime of the mine;
• Increased export receipts;
• Increased processing of primary products;
• Stimulation of the local economy through an increase in direct employment and local sourcing of products and services by the mine and its staff; and
• Advancing of the Government’s Minerals Strategy.

The consent is conditional on Matakanui Land Limited obtaining all necessary resource consents to operate the mine.

Consent was granted as the Applicant has met the investor test criterion and the investment is likely to benefit New Zealand.