Business South - Novemeber Issue

Page 1

November 2013

www.waterfordpress.co.nz

Signature Homes - Canterbury 8-page liftout inside

Developer confident on Monorail Hugh de Lacy The fact that a proposed $200 million tourist monorail will barely enter Fiordland National Park is the key element in winning the Department of Conservation’s (Doc’s) approval in principle, while the competing rail tunnel concept was rejected, according to monorail company chairman Bob Robertson. “We do enter the national park but only for the terminus, and that land has already got a hotel on it and it’s already developed, and we already lease it. “That makes a big difference,” Robertson, who’s Riverstone Holdings has been promoting the project for the past eight years.

Earlier this year the Milford-Dart tunnel scheme, which aimed to slash the nine-hour bus-trip travel time between Queenstown and Milford via Te Anau, was rejected by Minister of Conservation Nick Smith in large part because it intruded too much into the park. That scheme would have ferried up to 500 tourists at a time on an electric roll-on-roll-off train under the Humboldt Mountains by way of a 13.5km tunnel between the Routeburn and Hollyford Valleys. Riverstone’s monorail envisages a million tourists a year travelling 20km by catamaran across Lake Wakatipu from Queenstown to Mt Nicholas Station, and 45km by all-terrain vehicle to the start of the monorail which will travel the final 43km to

Te Anau Downs, 30km from Te Anau and 91km from Milford Sound. A final decision on whether the monorail goes ahead lies with the minister, who has said he will deliver it before Christmas. Riverstone’s principal shareholder is the Infinity Investment Group, of which Robertson is managing director. A second reason why the monorail bid got DoC’s approval where the tunnel failed was the latter’s impact on the iconic Routeburn walking track, Robertson said. “[The tunnel] would clearly ruin that walk, and it’s one of New Zealand’s most important ones.” Robertson took issue with monorail opponents in Te Anau who have viewed it as a threat to the

town’s clicking the tickets of bus-bound tourists travelling between Queenstown and Milford Sound. “We’re delivering people from Queenstown to Te Anau,” Robertson said, “and there isn’t one thing that’s been done in the last hundred years that would improve the lot of Te Anau more than the monorail.” He could sympathise with residents there who feared the monorail was a threat to their peace and quiet. “I haven’t got an answer for that, but whoever’s in business there, or wanting an improvement to the community, or a bit more progress, there’s nothing that they’re going to get ever in their history that would improve their lot more than the monorail going to Te Anau Downs,” Robertson said.

Pike River compensation knocked back Hugh de Lacy Any moral obligation New Zealand Oil and Gas (NZOG) might have felt towards the families of the 29 miners who died in the November 2010 Pike River coal-mine disaster has been lost on shareholders asked to stump up the court-awarded $3.41m in compensation. It now looks as if the victims’ families will get none of the compensation awarded by Judge Jane Farish in July, unless the Government surprises by putting up the money. In late October NZOG’s shareholders voted overwhelmingly not to pay up despite the statement in Farish’s judgement that that it was “morally unjust” that Pike River Coal Limited, founded and one third owned by NZOG, had been allowed to fold and so escape any liability for the victims’ families’ welfare. Of the $2 million insurance payout that Pike River got, only $156,000 was left. NZOG shareholders heavily defeated a motion to pay the reparation award, and also refused to adopt a motion of censure of the way the company’s directors managed both the investment in Pike River and the response to the disaster. In July NZOG spokesperson John Pagani said the company had already voluntarily paid out $25m, comprising $12m in victims’ wages and to fund the body recovery process, $7m to unsecured creditors, and $6m to fund the receivership conducted by John Fisk of PriceWaterhouseCoopers.

INSIDE

Breathing new life into Christchurch.... A partnership between Christchurch building company Holloway Builders and Italian architecture firm Anselmi Attiani Architettura and engineers Cresco, has won an international competition to design an urban village for central Christchurch. The entry in the Breathe – New Urban Village design competition was hailed by judges as well-designed and structurally innovative, as well as an affordable and sustainable

Meat group eyes reform - PAGE 2

New facility for Gough Group - PAGE 2

Building the Dr Libby brand - PAGE 3

option. Breathe is an Anchor Project as listed in the Christchurch Central Recovery Plan. The village includes 72 timber-clad dwellings combining medium rise apartment blocks with two and three storey housing incorporating cutting edge seismic-resistance construction techniques. Subject to finance the Holloway team hopes to start construction on the development in the second half of 2014.

Tax implications for insurance - PAGE 4

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