| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 20 April 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 2,635.7102 hectares of land at Deepdell Station Hyde/Macraes Road, Otago. |
| Consideration | To be advised |
| Applicant | Oceana Gold (New Zealand) Limited Australian Public (59.9%) Canadian Public (28.91%) New Zealand Public (8.28%) Various, Various (2.91%) |
| Vendor | National Bank of New Zealand Limited as mortgagee Australian Public (95.67%) New Zealand Public (4.33%) |
| Background | Mining operations will be extended to the land as part of the Applicant's existing operation. This will contribute to the life of the Macraes Mine. The Applicant will lease out the land for farming purposes in the short term before beginning to mine any of the land. It is currently anticipated that mining on the land will begin within five years. The land that is not required for mining will be on-sold. 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 Overseas Investment Regulations 2005 |
| More information | Lesley Brook Anderson Lloyd Lawyers Private Bag 1959 DUNEDIN 9016 |