Greywolf in permit, funding, listing bid

Sydney-based Greywolf Goldmining - which is spearheading Chinese interests considering mining and energy investments in New Zealand - hopes to be fully permitted, funded and listed on the stock exchange by year end.

Greywolf has applications and permits for iron sands, lignite and hard coking coal around the country, including three early-December applications to Crown Minerals for prospecting and exploration of coking coal in the Tasman district and exploration of lignite resources covering almost 6000ha in the Nevis area in Central Otago.

Greywolf is in a joint-venture agreement with Chinese energy company Qinghua Group, which is still considering a multibillion-dollar investment in lignite conversion, port development and a steel mill in New Zealand, Greywolf chief executive Edward Lancaster said yesterday.

"We're progressing steadily in 2011 to become fully permitted and funded and be ready to go on a number of developments ... by the end of the year."

Aside from Qinghua Group, which is headed by chairman and owner Qinghua Huo, Chinese Government-owned enterprises were also showing interest in energy and iron sands projects, Mr Lancaster said.

A memorandum of agreement had been signed for exploration of iron sand deposits in Northland held by Greywolf, with Chinese funding, which was considering offshore ship dredging operations, he said.

Greywolf was still working towards an initial public offering and listing and, while not ruling out a New Zealand listing, it was more likely be on the Australian and Hong Kong stock exchanges "within about six months".

Legal advice was the company should spin off its coal and iron sands interests into a separate listed company, but maintain a majority stake.

Greywolf would also list but represent all its other mineral interests.

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