Changes Proposed To Crown Minerals Act

Posted by Gold FM on 21/05/2012

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New Zealand Petroleum & Minerals is a business unit within the Ministry of Economic Development that manages the Government's oil, gas, minerals and coal resources, known as the Crown Mineral Estate. They are asking mining permit holders to consider transitional arrangements to a new Crown Minerals Act regime.

In early March, the Ministry sought feedback on a wide range of proposed changes to the Crown Minerals Act regime. Consultation did not cover how existing permit holders should transition to a new Crown Minerals Act regime. As a follow up, the Ministry is now seeking views from the industry on preferred options to transition.

Submissions are being sought on a supplementary discussion paper that discusses three options:

  • to continue the existing approach of managing every operation according to the minerals programme that is current when the operation was first permitted;
  •  to revoke all existing rights and move all permit holders to the new regime from day one
  • grandfather royalty conditions, and transition permit holders to new minerals programmes over  a period.

Feedback received on the discussion paper will be incorporated into the package of proposed reforms.

It's too early to say whether any of the proposed changes will affect Newmont Waihi Gold's mining operations.