Thursday, May 23, 2024

Mining resurgence a welcome sign says Resources Minister

Resources Minister, Shane Jones says there are heartening signs that the extractive sector is once again becoming an attractive prospect for investors and a source of economic prosperity for New Zealand.

“The beginnings of a resurgence in extractive industries are apparent in media reports of the sector in the past week alone,” Mr Jones said today.

Australian pension fund, AustralianSuper, will invest A$75 million (NZ$82m) in Federation Mining’s Snowy River gold mining project near Reefton, bringing to A$145m (NZ$160m) total financial support from the pension fund since 2020. The Provincial Growth Fund also provided a $15m loan to the project in 2020.

TiGa Minerals and Metals is also welcoming a decision by independent commissioners to allow it to proceed with a proposed mine at Barrytown Flats (pictured), also on the West Coast. TiGa has said the garnet and Ilmenite mine will provide a real boost for the local and regional economy.

Santana Minerals has confirmed it has raised A$31.2m(NZ$34m) to progress its Bendigo Ophir gold mining project in central Otago. The company says it will bring employment and prosperity to the region.

“I am delighted that word is getting around the mining sector and international investment community that New Zealand has undergone a political and ideological shift,” Mr Jones says.

“Mining is no longer a dirty word. Mining equals jobs, regional development, export growth and economic prosperity for the country. The confidence being shown in New Zealand as a place to carry out this business is extremely encouraging and I will continue to put out the welcome mat for these industries.”

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