| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 24 July 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 269.5898 hectares of land at Nightcaps, Southland. |
| Consideration | $14,150,000 |
| Applicant | Bathurst Resources Limited Australian Public (87.5%) New Zealand Public (11.17%) Various overseas persons (1.33%) |
| Vendor | John Douglas Carmichael, Sandra Robyn Carmichael and AWS Trustees No 30 Limited as trustees of the Jubilee Hill Farm Trust New Zealand (100%) |
| Background | The Applicant is currently operating a coal mine on part of the land under an agreement with the landowners. The balance of the land is being farmed by the landowners. The Applicant's mine plans have evolved to the point where it is no longer practical for farming and mining to co-exist on the land. The Applicant is purchasing the land to ensure it can progress its existing and planned mining operations. 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 | Brigid McArthur Greenwood Roche Chisnall PO Box 25501 WELLINGTON |