Overseas investment decision for case 200910032 - Oceana Gold (New Zealand) Limited

The Applicant is New Zealand's largest gold producer, engaged in exploration, extraction and processing of gold ore in New Zealand. It owns and operates the Macraes Mine in Otago and the Globe Progress Mine in Reefton.

The land being acquired complements the Applicant's current land holdings at Macraes, and in the long term the Applicant intends to extend its mining operations to involve part of the subject land. To secure that part of the land it is necessary to purchase the whole property.

The Applicant will lease out the land for farming purposes for some years before beginning to mine any of the land.

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 Act 2005
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/Productivity
17(2)(a)(vi) – Increased processing of primary products
17(2)(b) – Indigenous Vegetation/Fauna
17(2)(c) – Trout, salmon, wildlife and game
17(2)(d) – Historic Heritage
17(2)(e) – Walking Access

Overseas Investment Regulations 2005
28(e) – Previous investments
28(g) – Enhance the viability of other investments