Straterra welcomes Overseas Investment Act decision

Straterra welcomes Overseas Investment Act decision

Posted on 8 October 2019

MEDIA RELEASE
8 OCTOBER 2019

Straterra, New Zealand’s minerals sector industry organisation, has welcomed the Overseas Investment Act decision to approve OceanaGold’s application to purchase land adjacent to its Waihi mine.

Earlier this year, an application from OceanaGold to purchase the same land was declined.

“This decision is positive for the industry and for the New Zealand economy as a whole,” said Straterra CEO Chris Baker.

“The decision secures well paid jobs and export revenue for the nine-year period defined in the application, and almost certainly for many years beyond.

“We note that gold was first discovered in Waihi in the 1800s. Waihi is a world class gold province and the current supply / demand equation for gold strongly favours ongoing investment.

“Importantly this decision will also go some way to restore confidence in the New Zealand overseas investment regime, and we give due credit to this government for addressing the earlier decision.

We are pleased that common sense has prevailed”, Mr Baker concluded.

For more information: Chris Baker, CEO, Straterra, 027 2406 754, chris@straterra.co.nz,
www.straterra.co.nz