NZ more attractive for minerals investment with new report

NZ more attractive for minerals investment with new report - Straterra

A new Government report will promote investment in, and better policies on minerals in New Zealand, Straterra says.

“Information on minerals, and how that is used in public debate and policy, are material to investors when considering New Zealand as a destination, Straterra CEO Chris Baker said today.

Mr Baker was commenting on “Petroleum and Minerals”, a featured sector report in the series of New Zealand Sector Reports, released yesterday evening by Economic Development Minister Hon Steven Joyce, and Energy and Resources Minister, Hon Simon Bridges, at Straterra, in Wellington.

The report says the minerals and petroleum sectors are on average 10 times more capital intensive than the average for all other businesses in New Zealand. Productivity exceeds that of any other business in New Zealand.

It says further that direct employment in petroleum and minerals has doubled over the last decade, and that more than half of the present 6410 jobs are in three regions – the West Coast, Waikato, and Taranaki. At $105,645 per annum, minerals and petroleum workers earn on average double the national average wage. two top exports to Australia are crude oil and gold (with 96 percent of minerals and petroleum exports going to Australia).

Mr Baker said the report is an important contribution to the public debate. ”Our mission at Straterra is to get better information into the public domain, and this report is the best compilation of data about our sector that I am aware of.”

“On the facts presented in the report, petroleum and minerals clearly make a serious contribution to the New Zealand economy. Of course, we need to ensure that resource sector activity is properly regulated, is safe, and leads to positive environmental outcomes. That said, our contribution can and should grow over time and this report is an extremely useful stocktake as we work to achieve that growth.”

“This is a strong signal to make New Zealand more attractive for investment in minerals and petroleum. That investment, particularly when we are fortunate enough to have exploration success, will boost jobs in regions,” Mr Baker said.

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