Section 12(a) Overseas Investment Act 2005
|Decision Maker||Overseas Investment Office|
|Decision Date||29 August 2019|
|Investment||An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 31.5402 hectares of sensitive land at 108 Bush Gully Road, Glentunnel (“Land”).|
|Applicant||Bathurst Coal Limited|
Singapore Public (54%)
Various overseas persons (22%)
Australian Public (15%)
New Zealand Public (9%)
|Vendor||Nelson Ronald North and Suzanne Mary North|
New Zealand (100%)
The Applicant is a subsidiary of ASX-listed Bathurst Resources Limited (“BRL”). The Applicant owns and operates the Canterbury Coal Mine (“Mine”) approximately two kilometres from the Land.
The Land is currently used as a lifestyle property with limited seasonal grazing, but it is not suitable as an economic farming unit. The Applicant intends to install mining infrastructure on the Land to mine under neighbouring land. Eventually the Applicant will extend mining activities to the Land should resource consent be granted. This will extend the life of the Mine from 2022 to 2035.
The Applicant intends to retain existing jobs at the Mine from 2022 to 2035, and create some new jobs associated with the Mine. It also intends to introduce capital for development purposes, and mitigate some environmental risks by implementing some protection measures for the endangered Canterbury mudfish habitat in the Bush Gully Stream that runs through the Land.
The coal from the Mine will supply dairy factories in Canterbury, which will promote economic interests in the region, and result in consequential benefits as otherwise coal would need to be trucked from greater distances while businesses remain reliant on supply. New Zealanders currently own approximately 9% of BRL, and have the opportunity to participate in ownership and control as BRL is an ASX-listed company.
The Applicant and BRL have also previously undertaken investments of benefit to New Zealand. They have operated in New Zealand since 2010.
|More information||Sam Nelson|
P O Box 701