Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Ngai Tahu withdraw from Ruataniwha Water Storage Scheme

Media Release

19 May 2014

Ngai Tahu withdraw from Ruataniwha Water Storage Scheme

A potential investor in Hawke’s Bay’s Ruataniwha Water Storage Scheme has today withdrawn from the Memorandum of Understanding signed in September 2013.

Ngai Tahu Holdings Corporation Limited (NTHC) today released a media statement withdrawing its intention as a potential investor in the scheme.

According to HBRIC Chief Executive Andrew Newman, NTHC’s withdrawal is tied to TrustPower’s earlier withdrawal from their stake in the MOU.

“Ngai Tahu have been looking for a partner with infrastructure expertise as well as an entity already operating in the South Island. TrustPower brought both of those qualities to the table and Ngai Tahu were depending on an investor partner to meet those needs,” said Andrew Newman.

While withdrawing from the MOU, NTHC have also signalled that they are open to dialogue with HBRIC should those conditions again be met.

HBRIC continues to focus on gaining workable resource consents through the Environmental Protection Authority’s Board of Inquiry, and the signing of Water User Agreements with farmers.

“If both of these ‘conditions precedent’ are met, we are confident of raising the capital we will need,” added Mr Newman.

Conversations continue with other potential investors.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news