| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 22 July 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 2.4028 hectares of land at 29 Clarke Street, Waihi. |
| Consideration | $495,000 |
| Applicant | Waihi Gold Company Limited Newmont Mining Corporation, United States of America (100.0%) |
| Vendors | William Henry Keatley and Kayleen Jessie Keatley William Henry Keatley, New Zealand (50.0%) Kayleen Jessie Keatley, New Zealand (50.0%) |
| Background | The Applicant owns and operates the Martha and Favona mines at Waihi. The Martha mine has operated for 22 years, and the Applicant commenced mining gold and silver from the Favona underground mine in 2006. The Applicant is in the process of applying for the necessary resource consents for a proposed new mine at Waihi (Trio mine). Access to the Trio mine will be through the existing portal/entrance for the Favona underground mine. The Applicant intends to acquire the relevant land to provide a buffer for the possible vibration effects that may be experienced from the production blasting for the proposed Trio mine. The overseas investment transaction has satisfied the criteria in section 16 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 Regulations 2005 |
| More information | Greg Allen Simpson Grierson (Auckland) Private Bag 92518 Wellesley Street AUCKLAND |