By RNZ
An Australian controlled company, Tāiko Critical Minerals, has debuted on the NZX today, offering local investors a chance to participate in the company’s West Coast mining venture.
The company plans to mine rare earth heavy metals from farmland at Barrytown near Greymouth, using what it calls a rehabilitative mining process.
Chief executive Robert Brand said the NZX listing was aiming to strengthen its long-term finances, and introduce local investors.
“Expanding our investor base and having greater access to growth capital are critical enablers of our plans to extract from a ‘world class’ deposit in an emerging high-value sector for the New Zealand economy, and to deliver long-term value for our shareholders.”
Taiko, originally named Tiga Resources, is targeting ilmenite, garnet, zircon, rutile and rare earth element concentrates, which it says are present in high quantities at the site.
The minerals will be extracted and processed at nearby Rapahoe, before export.
Following capital raising, construction and commissioning of the extraction and separation facilities will take place in 2027 before commercial production in 2028.
Brand said the venture would provide jobs and revenue for the local community.
“In the year ahead we’ll be employing the first group of 135 workers, with a further 189 support roles expected in future.”
“There are also quite a few houses to build and plant to be constructed before an expected $11.8 million in local wages and $112.5m in annual export earnings, so there is a lot to look forward to as this project starts to get up and running.”
Brand said Taiko would be looking to raise new capital later in the year, and had already sold shares to New Zealand wholesale investors.
The majority of the company’s shares are owned by Australian investors. The shares have been valued at NZ11c each.
-RNZ