Overseas investment decision for case 201900680 - Oceana Gold (New Zealand) Limited

Oceana Gold has applied for a standing consent to acquire residential land, for incidental residential use and non-residential use, related to its mining operations in Waihi. 

The Applicant is ultimately owned by OceanaGold Corporation, a multinational gold, silver, and copper mining company headquartered in Melbourne and listed on both the Toronto and Australian stock exchanges.  The Applicant operates two major mining developments in New Zealand – the Waihi gold mines and Macraes gold mines (in Otago). 

Oceana Gold acquired the Waihi Mines after receiving consent under the Overseas Investment Act in 2015 and has plans to extend the life of the Waihi Mines to 2036.  Oceana Gold submits that the ability to purchase residential properties under a standing consent is vital to securing the viability of the Waihi Mines.

Oceana Gold plans to acquire residential land for various purposes related to its mining activities in Waihi.  It intends that the majority of residential properties purchased under the standing consent will be due to the need to comply with conditions of its resource consents.  In this scenario Oceana Gold expects that most of those properties will remain suitable for residential use until mining commences and /or while mining takes place.   

Oceana Gold also expects to purchase residential land for physical mining works (including pit expansion or relocating roads), and for use as buffer land from the effects of physical mining works. 

This standing consent (for a maximum of 15 transactions by 31 October 2023) will permit Oceana Gold to acquire up to a total of 75 hectares of residential (but not otherwise sensitive) land within the territory of the Hauraki District Council.