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Taharoa Mining buys NZ Steel

Taharoa Mining buys NZ Steel
The Taharoa iron sands mine has been operating for 45 years.

Taharoa Mining Investments Limited has reached agreement to purchase New Zealand Steel Mining Limited, which operates the Taharoa iron sands export business.

TMIL director Wayne Coffey says that he cannot disclose the future plans for the business: “There’s not much to say at the moment, it’s still in progress, but the Taharoa shareholders are pleased to have the land back.

It’s a robust structure for the future. That’s all I can say.”

New Zealand Steel Mining Limited has a license to mine the Taharoa iron sands on the west coast of the North Island. It is currently exporting in excess of 3 million tonnes of iron ore concentrate per year.

TMIL is owned by the landowners [The Proprietors of Taharoa C Block Incorporation] and Melrose Private Capital Ltd, a Wellington based capital and management services provider. The cu rrent owner of NZSM is Bluescope Steel Ltd from Australia, which also owns New Zealand Steel Ltd.

The mine has been operating for 45 years and employs 170 people.

Taharoa Mining Investments Limited has stated that the return to New Zealand ownership of the important export business and large employer, in a remote rural area is very positive.

Coffey says that the head office will be in Wellington and the company will be strengthening its management capability there.

Completion of the sale is expected on 1 May 2017.

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