Section 12(a) Overseas Investment Act 2005
|Decision Maker||Associate Minister of Finance (consent approved)|
Minister for Land Information (consent declined)
|Decision Date||3 May 2019|
An overseas investment in sensitive land, being the Applicant's acquisition of land at Waihi, details withheld under s9(2)(b)(ii) of the Official Information Act.
|Withheld under s9(2)(b)(ii) of the Official Information Act|
|Oceana Gold (New Zealand) Limited|
United States Public (46.0%)
United Kingdom Public (23.0%)
Australian Public (10.0%)
European Public (9.0%)
Canada Public (9.0%)
Asian Public (3.0%)
|Withheld under s9(2)(b)(ii) of the Official Information Act.|
|The Applicant owns and operates the Martha mine (open pit) and Moonlight, Favona, Trio, Correnso and Slevin (underground) mines at Waihi.|
The land is being acquired for purposes incidental to mining activities.
For consent to be granted, Ministers needed to be satisfied that the proposed investment would result in substantial and identifiable benefit to New Zealand.
Minister Clark was satisfied that the investment would result in substantial and identifiable benefit to New Zealand, which is a criterion for consent under the Overseas Investment Act. However, Minister Sage was not satisfied.
The Overseas Investment Act provides for two Ministers to each independently decide an application like this. Consent is only granted if both Ministers grant consent.
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