Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
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Decision date | 17 September 2013 |
Investment | An overseas investment in sensitive land, being:
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Consideration | $6,591,878 |
Applicant | Coronado Resources Ltd. Canada Public (79.95%) New Zealand Public (9.8%) United States Public (7.55%) Various, Various (2.7%) |
Vendor | Existing shareholders of Opunake Hydro Limited Canada Public (85.653%) New Zealand Public (10%) United States Public (4.041%) Various (0.306%) |
Background | The Applicant is a small Canadian mining company with operations in Montana, USA. It has decided to diversify into the power generation and retail business segment and to invest internationally. To this end it has sought and been granted consent to acquire Opunake Hydro Limited (“OHL”), a small electricity generator and supplier based in Taranaki. Coronado wishes to expand OHL’s business by funding the acquisition and installation of additional gas fired generators capable of generating 4 MW of power. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
More information | David Coull Bell Gully PO Box 1291 WELLINGTON |