| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister of Finance and the Associate Minister of Finance |
| Decision Date | 7 October 2019 |
| Pathway | Sensitive land – substantial and identifiable benefit to New Zealand |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of land in 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 | OceanaGold (New Zealand) Limited United States Public (49.0%) Canada Public (19.0%) Australian Public (9.0%) United Kingdom Public (9.0%) European Public (8.0%) Federal Republic of Germany, Germany (4.0%) Various, Various (2.0%) |
| Vendor | Withheld under s9(2)(b)(ii) of the Official Information Act |
| Background | The Applicant owns and operates gold mines in Waihi. The Investment involves the Applicant acquiring rural land to expand its gold mining operations. The Ministers consider the Investment will benefit New Zealand because of the retention of about 340 full-time jobs over nine years and exports valued at $2 billion over nine years. The Applicant has satisfied Ministers the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. The Ministers are satisfied the overseas investment is likely to result in substantial and identifiable benefit to New |
| More information | Robert Huse Anderson Lloyd P O Box 201 QUEENSTOWN 9300 |
Read the announcement and view the documents supporting the decision