| Decision | Consent granted Section 12(1)(a) and Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision date | 2 September 2024 |
| Pathways | Significant business assets Sensitive land – Benefit test |
| Investment | Acquisition of 20.64% of the issued capital in New Zealand Aluminium Smelters Limited which has an interest in approximately 2,074 hectares of land located at 1180 – 1530 Tiwai Road, Tiwai Point, Southland and the Vendor’s interest in assets relating to the aluminium smelter. |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Pacific Aluminium (New Zealand) Limited Australia 39% North America 17% United Kingdom 8% Europe 5% Asia Pacific 5% Various 26% |
| Vendor | Sumitomo Chemical Company Limited Japan 81% United States of America 6% United Kingdom 5% Luxembourg 5% Various 3% |
| Background | The Applicant is a Rio Tinto Group entity. The Applicant currently owns 79.36% of the issued capital in New Zealand Aluminium Smelters Limited. It has been granted consent to acquire the remaining 20.64% of the issued capital along with some assets from the Vendor. New Zealand Aluminium Smelters Limited owns and operates the aluminium smelter located on the Tiwai Peninsula near Bluff. The main benefit to New Zealand is the retention of significant economic benefits including export revenues, jobs and contribution to Southland and New Zealand economies. Consent was granted as the Applicant has met the investor test criterion and the investment is likely to benefit New Zealand. |
| More information | Fiona Bennett Chapman Tripp (Christchurch) PO Box 2510 Christchurch |