Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Update on Government’s Tiwai Point offer

Hon Tony Ryall

Minister for State Owned Enterprises


2 April 2013 Media Statement

Update on Government’s Tiwai Point offer

State Owned Enterprises Minister Tony Ryall notes that Rio Tinto has declined the Government’s offer to help bridge a negotiations gap between Meridian Energy and Rio Tinto subsidiary Pacific Aluminium.

Meridian Energy and Pacific Aluminium have been re-negotiating an electricity contract for Tiwai Point aluminium smelter for nine months.

“The positions of Meridian and Pacific Aluminium are reasonably close in terms of the short term electricity price, but they remain well apart in the longer term,” Mr Ryall says.

“Last week the Government was in contact with Pacific Aluminium’s international parent company Rio Tinto to discuss helping to bridge the gap in the companies’ positions over the short term, if this could be of assistance in concluding an agreement.

“But over the weekend the multi-national mining corporation Rio Tinto said it appreciated the Government’s intentions but was unable to accept the offer.

“Pacific Aluminium and Meridian have both indicated a willingness to continue discussions.

Mr Ryall says the government will not be a party in the commercial negotiations between Meridian and Pacific Aluminium.

“The Government put its best offer of assistance forward because New Zealanders would expect us to do that. But we are not interested in providing a long term subsidy. “In the meantime, we understand Meridian’s existing contract with Pacific Aluminium remains in place at least until 1 January 2016 with significant financial and other obligations beyond that.”

“As we’ve said previously, all relevant information will be reflected in the Mighty River Power offer document which is currently being finalised.”


ENDS


Important notice


The Crown is considering offering shares to the public in Mighty River Power Limited (“Mighty River Power”). No money is currently being sought and no applications for shares will be accepted or money received until after an investment statement containing information about the offer of shares is available (the "Share Offer Document").


The contents of this press release are not permitted to be made available to persons in any country other than New Zealand. Mighty River Power's shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "United States Securities Act") or the securities laws of any state of the United States and may not be offered or sold in the United States unless the shares are registered under the United States Securities Act, or an exemption from the registration requirements of the United States Securities Act and applicable United States state securities laws is available.

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Gordon Campbell: On D-Day For Dairy At The TPP

While New Zealand may feel flattered at being called “the Saudi Arabia of milk” it would be more accurate to regard us as the suicide bombers of free trade. More>>

ALSO:

Leaked Letter: Severe Restrictions on State Owned Enterprises

Even an SOE that exists to fulfil a public function neglected by the market or which is a natural monopoly would nevertheless be forced to act "on the basis of commercial considerations" and would be prohibited from discriminating in favour of local businesses in purchases and sales. Foreign companies would be given standing to sue SOEs in domestic courts for perceived departures from the strictures of the TPP... More>>

ALSO:

"Gutted" Safety Bill: Time To Listen To Workplace Victims’ Families

Labour has listened to the families of whose loved ones have been killed at work and calls on other political parties to back its proposals to make workplaces safer and prevent unnecessary deaths on the job. More>>

ALSO:

Regulators: Govt To ‘Crowd-Source’ Regulatory Advice

A wide-ranging set of reforms is to be implemented to shake up the way New Zealand government agencies develop, write and implement regulations. More>>

ALSO:

Board Appointments: Some Minister Appoint Less The 3 In 10 Women

“It’s 2015 not 1915: Ministers who appoint less than 3 in 10 women to their boards must do better, they have no excuse but to do better,” said Dr Blue. More>>

Gordon Campbell: On The 1990s Retro Proposals For Our Health System

As we learned yesterday, the reviews propose that the democratically elected representation on DHBs should be reduced, such that community wishes will be able to be over-ridden by political appointees. In today’s revelations, the reviews also propose a return to the destructive competitive health model of the 1990s. More>>

ALSO:

Post-Cab Press Conference: Foreign Buyers Register, TPP And Serco

At a press conference today in Wellington, John Key discussed the foreign buyers register as well as the TPP and Serco. Key was questioned on whether a stamp tax might be used as a tool to deal with foreign buyers. More>>

ALSO:

Lyndon Hood Satire: Serco To Outsource Prison To Public Sector

In response to high-profile failings, multinational omnicorporation Serco will introduce public management in its prison system. Serco's New Zealand manager, speaking on condition of anonymity, has announced plans for managers from the Department of Corrections to run the Mt Eden Correctional Facility. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news