| Decision | Consent granted Section 12(b) and 13(1)(a) of the Overseas Investment Act 2005 |
|---|---|
| Decision date | 12 October 2015 |
| Investment | For consent for Oceana Gold Holdings (Waihi) Limited to acquire rights or interests in up to 100% of the shares of Newmont Waihi Gold Limited (the “Investment”). |
| Consideration | US$101,000,000 |
| Applicant | Oceana Gold Holdings (Waihi) Limited United States Public (49%) Canada Public (19%) United Kingdom Public (9%) Australian Public (9%) European Public (8%) Federal Republic of Germany, Germany (4%) Various, Various (2%) |
| Vendor | Newmont Mining Corporation United States of America (100%) |
| Background | The Investment will see the Applicant become the owner of certain North Island mining assets including the Martha open pit mine and the Correnso underground mine (“Correnso”) at Waihi and 493.8990 hectares of sensitive land used for mining and ancillary mining activities. The Applicant plans, among other things, to implement a range of improvements to the underground mining operations at Correnso and increase exploration expenditure. The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Chris Bargery Anderson Lloyd PO Box 399 Auckland 1140 |