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.