New Zealand: New Zealand's foreign investment watchdog, the Overseas Investment Office (OIO), has given the green light to Holcim for the purchase of a leasehold at Timaru's port. The amount Holcim paid to lease the 2.26 hectares of land, which it will hold for a minimum of 50 years, was kept confidential by the OIO.
The agreed leasehold, including a new wharf and storage facilities capable of handling cement, indicates that Holcim is preparing the ground for the construction of a new US$500m cement plant at Weston, near Oamaru. In October 2011 the Swiss cement company announced a delay on a decision for the proposed plant until late in 2012. That announcement was the latest in a long line of delays that started in 2007. Construction of the 0.86Mt/yr plant is expected to create nearly 500 local jobs.
