Sumitomo to donate land to locals

Wednesday 12 Sep 2018

 
Forestry company will donate land after it works out which iwi should get it - A Japanese-owned forestry company has promised to give 148 hectares of land to a local iwi for free as part of its consent from the Overseas Investment Office permission to buy 1241ha near Whanganui.

Summit Forests, owned by Japanese-owned Sumitomo Corporation, will hand over the 148ha "for nil consideration once Summit has identified the appropriate iwi to receive the offer," the company said.

Summit is paying $13 million to the Whanganui District Council which owns the land.

The company has also promised public access for hunters, walkers and mountain- bikers who obtain a permit, and permit-free access "will generally be provided on Sundays and public holidays".

"The Investment is expected to result in a substantial and identifiable benefit to New Zealand.

"The Investment is likely to advance the Government's strategy to plant one billion trees between 2018 and 2027," the OIO said.

The forests are known as Siceleys, Tauwhare, Te Ara To Waka, and McNabs, and the council is expected to use the $13m to pay for a new wastewater treatment station.

Summit Forests New Zealand Limited (Summit) operates an extensive forestry estate in New Zealand, mostly in Northland.

"Having built up a forestry portfolio in Northland, Summit now wishes to establish a forestry portfolio in the Whanganui region.

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Source: Stuff news


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