The government has approved OceanaGold’s Waihi North mining project, extending gold and silver extraction in the Waihi area until 2043, delighting the pro-mining crowd.

It's a decision I agree with.

Waihi has already been extensively mined and the environment beaten up.

The decision will keep the town alive and provide hundreds of jobs. But make no mistake, this will not be an El Dorado for the whole country.

The royalties are still at the excruciatingly low level they've always been at.

Waihi North will generate $5.2 billion in additional gold and silver exports over its 18-year lifespan — averaging $286 million per year.

Meanwhile, Crown revenue from corporate tax, PAYE, and royalties is expected to total a net present value of $422m over the life of the project.

That's not an economy-saving sum, and it represents an 8 per cent yield on the output.

But a deal is a deal.

What concerns me is thoughts of new claims — the area behind Pauanui and Tairua on the Coromandel. Or the new work proposed for Bendigo.

Until the whole nation truly benefits from the work that damages our land, is it worth it?

The government has approved OceanaGold’s Waihi North mining project, extending gold and silver extraction in the Waihi area until 2043, delighting the pro-mining crowd.
It's a decision I agree with.
Waihi has already been extensively mined and the environment beaten up.
The decision will keep the town alive and provide hundreds of jobs. But make no mistake, this will not be an El Dorado for the whole country.
The royalties are still at the excruciatingly low level they've always been at.
Waihi North will generate $5.2 billion in additional gold and silver exports over its 18-year lifespan — averaging $286 million per year.
Meanwhile, Crown revenue from corporate tax, PAYE, and royalties is expected to total a net present value of $422m over the life of the project.
That's not an economy-saving sum, and it represents an 8 per cent yield on the output.
But a deal is a deal.
What concerns me is thoughts of new claims — the area behind Pauanui and Tairua on the Coromandel. Or the new work proposed for Bendigo.
Until the whole nation truly benefits from the work that damages our land, is it worth it?

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Perspective with Andrew Dickens: Are the economic effects of Waihi's mining worth the environmental damage?

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/ee51bf54-dd29-4099-8c9f-b3b80063aac0/transcript

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