New applications from mining company OceanaGold to purchase land in Waihī have been approved today.
Minister of Finance Grant Robertson and Associate Minister of Finance David Parker considered the applications under the Overseas Investment Act and recommended it be approved.
A key reason was due to the benefit it would have on the country due to the retention of about 340 fulltime jobs over nine years and exports valued at $2 billion over nine years.
The proposal had previously caused major controversy in the small town of Waihī, with various petitions and protests put in place to halt the plan.
Earlier this year, applications from OceanaGold to purchase the same land were declined by Land Information Minister Eugenie Sage and Associate Finance Minister David Clark.
The two ministers could not agree on an outcome.
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In August, there were two new applications from OceanaGold to buy the parcels of farm land totalling approximately 180 hectares near its current Waihī mines.
To ensure a fresh analysis of the new application, the decision making role was transferred to ministers Robertson and Parker, who have responsibilities under the Overseas Investment Act.
The ministers carefully considered the applications and were satisfied the investment would result in substantial and identifiable benefit to New Zealand.
OceanaGold needs resource consent from the Hauraki District Council before it can begin operations on the land.
The approval to purchase the land does not imply that the Crown either supports or opposes this RMA application.