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Mining company Plaman Resources Ltd has withdrawn its application to the Overseas Investment Office to purchase 432 hectares of land near Middlemarch for its diatomite mine.
The proposal has caused controversy in the community as the site is home to Foulden Maar, a former lake and significant archaeological site containing layers of fossils dating back 20 million years.
A petition set up by the Save Foulden Maar group gained more than 10,700 signatures.
As part of the application, Plaman asked for consent to restructure its shareholding so that Plaman Resources’ main shareholder, Malaysian-based Iris Corporation Berhad, would exit Plaman.
Land Information New Zealand announced today Plaman's application had been withdrawn.
The OIO was already examining Plaman’s financial viability before the company was placed in receivership and liquidation in June this year.
A LINZ spokeswoman said the OIO received 42 submissions in total about the application, including information about the significant fossil site on the land.