Mineral Resources in New Zealand
New Zealand's mineral resources sector plays a significant role in the country's economy, providing employment opportunities and generating revenue. The government's policies and initiatives are aimed at ensuring that the industry operates in a sustainable and responsible manner, while also promoting investment in exploration and mining. The largest companies in the sector, including Newmont Mining Corporation, Bathurst Resources, and OceanaGold Corporation, have faced challenges and controversies in recent years but remain committed to the development of the industry.
Government Policy:
The New Zealand government is committed to ensuring that the country's mineral resources are managed in a sustainable and responsible manner. The Ministry of Business, Innovation, and Employment (MBIE) is responsible for regulating the mining sector and ensuring that companies comply with environmental and safety regulations.
The government has also introduced several initiatives to support the development of the mining industry. For example, the New Zealand Minerals Program sets out the government's objectives for the sector, including promoting investment in exploration and mining, while also ensuring that the industry operates in an environmentally and socially responsible manner.
Largest Companies:
- Newmont Mining Corporation is one of the largest gold mining companies in the world, and they operate the Waihi gold mine in New Zealand. The Waihi mine is located in the North Island of New Zealand and is the country's largest gold mine, producing around 120,000 ounces of gold each year. In recent news, the company has been working to extend the life of the mine through exploration and investment in new technology.
- Bathurst Resources is a New Zealand-based coal mining company that operates the Buller coalfield on the West Coast of the South Island. The company has faced controversy over its plans to mine in the conservation area on the Denniston Plateau, with concerns raised about the impact of mining on the environment and wildlife. In recent news, Bathurst Resources has announced plans to reopen the Escarpment Mine, which was closed in 2016 due to low coal prices.
- OceanaGold Corporation is another significant player in New Zealand's mining industry. They operate the Macraes gold mine on the South Island, which is the country's largest gold-producing mine. The company has faced opposition from environmental groups over its plans to expand mining operations in the area. In recent news, OceanaGold has announced that they will be reducing the size of their workforce at the Macraes mine due to a decline in production.
Recent News Articles:
- In 2021, Bathurst Resources announced plans to reopen the Escarpment Mine on the Denniston Plateau. The company has been granted permission to mine up to 1.2 million tonnes of coal per year for the next 10 years. The decision has been met with opposition from environmental groups, who have raised concerns about the impact of mining on the area's unique ecology.
- In 2020, OceanaGold announced that they would be reducing the size of their workforce at the Macraes gold mine due to declining production. The company cited challenges posed by COVID-19 and declining ore grades as reasons for the decline in production. However, the company remains committed to the development of the mining sector in New Zealand and has plans to explore new opportunities for growth.
