OIO decision confidence building

8 Oct 2019

BusinessNZ chief executive Kirk Hope welcomes a decision by Minister of Finance Grant Robertson and Associate Minister of Finance David Parker to approve new applications by mining company OceanaGold to purchase land in Waihi.

Earlier, the multinational gold producer had an application under the Overseas Investment Act (OIA) to buy 178ha of rural land for a new tailings reservoir declined.

“We welcome Ministers decisions on this application as it signals the type of certainty and stability that long-term international investors need in order to continue to provide valuable investments in and for New Zealand.”

Mr Hope notes the Ministers decisions included consideration of the benefits of the application including the retention of about 340 full-time jobs and exports valued at $2 billion over nine years.

Mr Hope says when faced with inconsistent decisions investors often will seek better and more consistent outcomes elsewhere.

“This decision sends a positive signal to the resources sector and wider economy that New Zealand is open for business.”