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

 


Brownlee invokes quake powers to fast-track port rebuild

Brownlee invokes earthquake powers to fast-track Lyttelton Port rebuild

By Suze Metherell

June 19 (BusinessDesk) - Repairs at Lyttelton Port Co, Christchurch’s ocean trade hub which was damaged in the 2010 and 2011 Canterbury earthquakes, are to be fast-tracked by Canterbury earthquake recovery minister Gerry Brownlee.

Using powers under the Canterbury Recover Act, Brownlee has directed Environment Canterbury and the Christchurch port to produce a Lyttelton Port Recovery Plan draft by July 2015 to speed up the process.

"A recovery plan allows for a streamlined process and will see redevelopment occur in at timelier manner than under the Resource Management Act, while still ensuring robust testing of information," the minister said in a statement. "There have been no decisions made on how the port should be redeveloped, but I have determined that a recovery plan is the best tool for timely redevelopment to be achieved."

Last December, the company said it intends to expand the eastern end of the port to build two berths and a long-term container terminal. In February the port resumed dividend payments for the first time since they were suspended in 2010 following damage sustained in the Canterbury earthquakes. The company reached a $438.3 million settlement with Vero, NZI and QBE, of which it recognised $357.6 million in insurance income in the six months ended Dec. 31, 2013. The settlement covers claims under the port’s material damage, business interruption and contract works policies.

The NZX-listed company's shares were unchanged at $3.13 and have advanced 4 percent this year. The stock is tightly held with Christchurch City Holdings, the investment arm of the council, owning about 80 percent of the company, while Port Otago holds 15 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tubes: Tasman Global Access Cable Goes Live

Spark, Vodafone and Telstra have today announced the Tasman Global Access (TGA) cable is officially in service and ready to carry vast quantities of Internet traffic between New Zealand and the world. More>>

ALSO:

Theresa Does: Brexit Letter Sees NZD Touch Week-High Vs GBP On Brexit

The New Zealand dollar rose to a week-high against the British pound and euro after UK Prime Minister Theresa May officially triggered Britain's exit from the European Union. More>>

ALSO:

Statistics: Business Research And Development Up 29 Percent

Computer services and machinery manufacturing firms led the way in an almost 30 percent lift in business spending on research and development (R&D) in 2016, Stats NZ said today. Businesses spent $1.6 billion on R&D in 2016, up $356 million (29 percent) from 2014. More>>

ALSO:

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news