NEWS

Taharoa Mining Investments to acquire NZ Steel Mining

Wednesday, Apr 05, 2017

Taharoa Mining Investments Ltd has reached agreement to purchase New Zealand Steel Mining Ltd which operates the Taharoa iron sands export business .

Completion is expected on 1 May 2017.

NZSM has a licence to mine the Taharoa iron sands on the west coast of the North Island of New Zealand, and is currently exporting in excess of 3 million tonnes of iron ore concentrate per year.

The mine has been operating for 45 years and employs 170 people.

TMIL is owned by the landowners [ The Proprietors of Taharoa C Block Incorporation ] and Melrose Private Capital Ltd , a Wellington based capital and management services provider.

The current ultimate owner of NZSM is Bluescope Steel Ltd from Australia . Bluescope also owns New Zealand Steel Ltd.

The return to New Zealand ownership of this very important export business and large employer, in a remote rural area is very positive.

TMIL congratulates Bluescope Steel Ltd on its past stewardship of the land , its commitment to the people working there, its investment in trebling the output of the mine in just 4 years and its efforts to ensure a smooth transition back to local ownership.

 

Source:voxy.co.nz

 

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