Decision
 

Consent declined
Section 12(a) Overseas Investment Act 2005
Decision MakerAssociate Minister of Finance (consent approved)

Minister for Land Information (consent declined)
Decision Date3 May 2019 

Investment 

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.

Consideration

Withheld under s9(2)(b)(ii) of the Official Information Act

Applicant

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%)

Vendors

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 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. 

More information

Robert Huse
Anderson Lloyd Lawyers
PO Box 201
QUEENSTOWN 9300 
Attachments

Reasons for Decision by Ministers on application by Oceana Gold (New Zealand) Ltd (PDF 2MB)

Further information available