| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 23 October 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 240.0263 hectares of land situated at State Highway 67, Waimangaroa. |
| Consideration | $7,500,000 |
| Applicant | Buller Coal Limited Australian Public (86.06%) New Zealand Public (13.94%) |
| Vendor | Colligan Farm Limited Bruce Alexander Colligan, New Zealand (100%) |
| Background | Buller Coal Limited (“Buller”) is an indirect 100% subsidiary of Bathurst Resources (New Zealand) Limited (“Bathurst”), a coal mining company listed on the New Zealand Stock Exchange. Bathurst is developing a large coal mine on the Denniston Plateau near Westport known as the Buller Project. The Buller Project includes several distinct coal blocks, one of which is the Escarpment (the flagship mine of the Buller Project). The Escarpment is to be an open cast mine targeting high grade blend hard coking coal. Buller proposes to construct a coal handling facility on the land to receive coal mined from its Escarpment mine and the wider Buller Project. 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 6146 |