A boost for gold and silver exports

Shane Jones announced:

The first major mining project, Waihi North, has gained consent today to expand operations until 2043 through the Fast-track process, Infrastructure Minister Chris Bishop and Resources Minister Shane Jones say.

“Oceana Gold’s Waihi North mining project is a nationally significant investment that will deliver substantial economic benefits for the Waikato region and New Zealand,” Mr Bishop says. …

Mr Jones says the project is expected to generate $5.2 billion in additional silver and gold exports over its 18-year life – around $286 million per year.

“That annual figure is equivalent to 64 per cent of New Zealand’s wool exports and 14 per cent of wine exports. It is a substantial boost to New Zealand’s exports.

“The Waihi North Project will support around 800 jobs in Hauraki District and beyond over its 18-year life, and these well-paid jobs will inject millions into the regional economy while boosting export earnings for the country.”

Mr Bishops says the expert panel concluded that over the life of the project, Crown revenue including corporate tax, PAYE and royalties, will deliver a net present value of $422 million.

More exports, more jobs and more tax. A win-win-win. And this is in an area where mining is already occurring.

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