Energy and Resources Minister Simon Bridges has welcomed a new gold explorer to New Zealand.
Silver City NZ Pty Ltd has been awarded a five-year permit to explore for gold as a result of the Epithermal Gold 2013 tender. The exploration permit covers 33km² on the central North Island volcanic plateau, south of Kawerau.
“Silver City is an experienced precious metals exploration company from Australia. They will be investing at least $1.25 million exploring in the central North Island over the next five years and this project has the real potential to create jobs, and benefit the local and national economy over the longer term,” Mr Bridges says.
“It is a great result to see a new entrant come into our market at a time when the price of gold and other mineral commodities is low, investors are understandably risk averse, and companies are tightening up their existing operations.
“The Government’s competitive tender process has seen six permits awarded over the past year, and a healthy number of applications have been received on the South Island Platinum tender. This exposure has stimulated further local and international interest in minerals, and the outlook is very promising.
Bids on the South Island Platinum tender are currently being assessed and the results are expected to be announced later this year.