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


Canadian Lynx Platinum wins South Island platinum explorati

Canadian Lynx Platinum wins South Island plantinum exploration tender

By Suze Metherell

Jul. 24 (BusinessDesk) - Taranaki oil and gas explorer Tag Oil, of Canada, is expanding into the New Zealand minerals sector through its 49 percent ownership of a listed Canadian explorer, Coronado Resources, which has been awarded New Zealand five mineral exploration permits to hunt for platinum in the South Island.

Coronado subsidiary Lynx Platinum, was the only company awarded metallic minerals exploration licences in the government's New Zealand Platinum Tender 2013.

Of the five exploratory permits awarded, three cover 355 square kilometers east of Murchison, part of the Crown-owned conservation estate, with the remaining two covering a 168 sqkm area north of Invercargill. Each permit lasts for five years and allows the company to explore for metallic minerals. Lynx Platinum was the only company granted permits and will have to reapply for a mining permit if it makes any "economic discovery", minister of energy and resources Simon Bridges said in a statement.

"Lynx will spend around $3 million over the first three years, and this could rise to $7.5 million within five years if the initial work is successful," Bridges said. "It is encouraging to see a new minerals operator enter the New Zealand market, especially when the international price of metallic mineral commodities is low and investors are understandably selective about where in the world they put their money."

New Zealand's mineral sector contributes $1 billion to the economy in gross domestic product, Bridges said.

Coronado also wholly owns Opunake Hydro in Taranaki and is in turn 49 percent owned by Canadian miner TAG Oil, which has had considerable success with commercial onshore oil and gas discoveries in the Taranaki region, and holds oil and gas exploration permits on the East Coast and Canterbury.

The five permits awarded today allow Lynx to explore for gold, silver, copper, and aluminium but the focus is on platinum group metals, as the locations are "highly prospective" for those metals, a Ministry of Business, Innovation and Education spokesperson said. New Zealand hasn't had any mining of platinum before, apart from small scale alluvial production of platinum in the late 19th and early 20th century in Southland, he said.

Lynx Platinum will still need to negotiate access with landholders and in the case of conservation land must meet criteria set out by the Department of Conservation. Depending on the council they may also need to apply for resource consent.

The government has been running competitive block offer tenders since 2012, reserving prospective areas of land for companies to win the right to explore. A 419 sq km area at Grey River on the West Coast, 1700 sq km block east of Nelson and 730 sq km west of Murchison had also been offered in the platinum tender.

The tender ran from March last year in consultation with iwi, the Department of Conservation and local authorities and closed in April.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Trade: NZ Trade Deficit Widens To A Record In September

Oct. 27 (BusinessDesk) - New Zealand's monthly trade deficit widened to a record in September as meat exports dropped to their lowest level in more than three years. More>>


Animal Welfare: Cruel Practices Condemned By DairyNZ Chief

DairyNZ chief executive Tim Mackle says cruel and illegal practices are not in any way condoned or accepted by the industry as part of dairy farming.

Tim says the video released today by Farmwatch shows some footage of transport companies and their workers, as well as some unacceptable behaviour by farmers of dragging calves. More>>


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


International Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news