| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 30 May 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 85 hectares of land at 66 Friskin Road, Tinkertown, Nightcaps, Southland. |
| Consideration | $2,350,000 |
| Applicant | Bathurst Resources Limited Singapore Public (32.0%) Australian Public (21.8%) Republic Investment Management Pte Limited, Singapore (18.43%) New Zealand Public (18.2%) Asian Dragon Acquisitions Limited, Singapore (6.57%) Various overseas persons (3.0%) |
| Vendor | Southland Plantation Forest Company of New Zealand Limited Oji Holdings Corporation, Japan (51.0%) ITOCHU Corporation, Japan (30.0%) Fuji Xerox Co Limited, Japan (19.0%) |
| Background | The Applicant is a coal mining company that operates exclusively in the South Island, and currently employs over 110 people in New Zealand with its head office in Wellington. In total, the Applicant has spent in excess of NZD $420 million on its New Zealand activities since its establishment in 2010. The Land is currently part of a wider, semi-mature forestry block. Acquisition of the Land will enable the Applicant to continue mining along the strike of the coal seams from the Applicant’s adjacent Coaldale mine which is close to being economically exhausted. The opencast coal mine on the Land will be known as the Black Diamond mine. The development and operation of the Black Diamond mine on the Land will result in the retention of a significant number of jobs as well as the creation and retention of a considerable number of indirect jobs. 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 PO Box 25501 WELLINGTON 6146 |