Section 12(a) Overseas Investment Act 2005
|Decision Date||26 July 2017|
|Investment||An overseas investment in sensitive land, being the Applicant's acquisition of freehold and leasehold interests in approximately 4,337.9433 hectares of land (Land) as follows:|
|Applicant||BT Mining Limited|
Talley's Group Limited, New Zealand (35.0%)
Singapore Public (19.9485%)
New Zealand Public (14.3%)
Republic Investment Management Pte Limited, Singapore (12.935%)
Australian Public (12.35%)
Asian Dragon Acquisitions Limited, Singapore (4.745%)
Various overseas persons (0.7215%)
|Vendor||Solid Energy New Zealand Limited|
New Zealand Government, New Zealand (100%)
The Applicant is a joint venture between Bathurst Resources Limited (Bathurst) and New Zealand-owned Talley’s Energy Limited. Bathurst is the second largest coal producer in New Zealand and currently owns the Buller Coal Project on the Denniston Plateau.
Development of the Buller Coal Project was suspended in 2016 because of poor conditions in the metallurgical coal market. We consider that the Investment (and, in particular, the Stockton Plateau assets) will increase the viability of the Buller Coal Project and increase the likelihood of it proceeding.
The benefits to New Zealand include:
Bathurst has previously undertaken investments that have been of benefit to New Zealand, including the creation or retention of jobs and significant expenditure for development purposes.
|More information||Sam Nelson|
P O Box 701