Japan-owned Summit Forests promises 148ha to iwi
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 (OIO) permission to buy 1241ha near Whanganui.
Summit Forests New Zealand Ltd, owned by Japan’s 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 mountainbikers 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 OIO said.
‘‘The investment is likely to advance the Government’s strategy to plant 1 billion trees between 2018 and 2027.’’
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 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.’’
Henare Walker, the general manager of Summit Forests NZ, was appointed in May to Forestry Minister Shane Jones’ new ministerial advisory group to provide advice about the sector and how the Government and industry can work together to deliver the 1 billion trees policy.
Henare was unable to be contacted about identifying the appropriate iwi for the 148ha gift.
Summit Forests manages the harvest of about 600,000 tonnes a year from its forest estates, mainly in Northland.
The company’s financial statements ending in March 2018 show revenue for the financial year of $136m and a profit after expenses and tax of $14m.
The forest crop at balance date was 29,311 hectares.