It made an application to the RIF in recent weeks, vice-president Simon Delander confirmed.<\/p>\n
Rua hopes to fast-track consent for the project; it is still waiting to hear from Infrastructure Minister Chris Bishop whether it can use the one-window consenting process. <\/p>\n
About $150m remains unspoken for in the RIF, while ring-fenced and approved funding now tops $1.06b.<\/p>\n
Taiko Critical Minerals chief executive and managing director Robert Brand at the site of the company’s planned West Coast mineral separation plant. Photo \/ Kate MacNamara<\/p>\n
Officials declined to confirm what terms the WMS and Taiko loans will be made on and whether they will be concessionary. <\/p>\n
Both companies are in the early stages<\/a> of their commercial development and plan to strip mine critical minerals on the West Coast for export. <\/p>\n The announced investments are concurrent with New Zealand\u2019s bilateral negotiations<\/a> with the United States to strike a deal to co-operate in the production and trade of critical minerals, an effort to counterbalance China\u2019s extensive control in this area. <\/p>\n The US has struck dozens of such deals with other countries<\/a>. <\/p>\n Critical minerals are a loose and recently designated group of minerals and metals, important for a slew of new technologies, particularly in the strategically important sectors, energy and defence. <\/p>\n A spokeswoman for Resources and Regional Development Minister Shane Jones confirmed the Westland and Taiko loan agreements contain no limits on the companies\u2019 ability to sell minerals to China or elsewhere.<\/p>\n She said the proposed framework for an agreement with the US remains under negotiation and \u201cwould be subject to further Cabinet consideration\u201d.<\/p>\n WMS spokeswoman Kate Lynch said executives were not immediately available to discuss the announcement. <\/p>\n In a press release, managing director Ray Mudgway welcomed the public funding and said it reflected a growing recognition of the importance of regional industrial development and the value of processing New Zealand\u2019s minerals at home. <\/p>\n WMS\u2019 proposed plant is not approved to be considered for consent under the Fast-track Act. <\/p>\n Lynch said no decision has been made on how it will seek consents. <\/p>\n So far, the company\u2019s mining efforts appear to have been uneconomic. <\/p>\n Several months ago, it shuttered its only mine, a small, surface operation south of Westport. <\/p>\n At the time, managing director Ray Mudgway cited weak prices for its titanium and mineral sands, which were exported by sea through Westport. <\/p>\n The company has further mining plans for a site near Hokitika. <\/p>\n WMS and Taiko said separation plants will allow them to sell their commodities for much higher prices. <\/p>\n WMS, controlled by mining investor Duncan Hardie, aims to produce ilmenite, rutile, zircon, garnet, and rare earth-bearing concentrates, as well as construction sand. <\/p>\nRua Gold plans to build a gold and antimony mine near Reefton; it recently applied for public Regional Infrastructure Fund money for related antimony ore processing. <\/p>\n