Applicant
Oceana Gold (New Zealand) Limited
Case number(s)
201710162
201810122
Decision date
Type
Decision
Decision
 
Consent declined
Section 12(a) Overseas Investment Act 2005
Decision MakerAssociate Minister of Finance (consent approved)

Minister for Land Information (consent declined)
Decision Date3 May 2019 
Investment An overseas investment in sensitive land, being the Applicant's acquisition of land at Waihi, details withheld under s9(2)(b)(ii) of the Official Information Act.
ConsiderationWithheld under s9(2)(b)(ii) of the Official Information Act
ApplicantOceana Gold (New Zealand) Limited
United States Public (46.0%)
United Kingdom Public (23.0%)
Australian Public (10.0%)
European Public (9.0%)
Canada Public (9.0%)
Asian Public (3.0%)
VendorsWithheld under s9(2)(b)(ii) of the Official Information Act.
BackgroundThe Applicant owns and operates the Martha mine (open pit) and Moonlight, Favona, Trio, Correnso and Slevin (underground) mines at Waihi.

The land is being acquired for purposes incidental to mining activities.

For consent to be granted, Ministers needed to be satisfied that the proposed investment would result in substantial and identifiable benefit to New Zealand.

Minister Clark was satisfied that the investment would result in substantial and identifiable benefit to New Zealand, which is a criterion for consent under the Overseas Investment Act. However, Minister Sage was not satisfied.

The Overseas Investment Act provides for two Ministers to each independently decide an application like this. Consent is only granted if both Ministers grant consent. 
More informationRobert Huse
Anderson Lloyd Lawyers
PO Box 201
QUEENSTOWN 9300 

Additional information

This resource contains a news item from 2019 and the relevant attachments.