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Designed and created by Roxburgh artist Bill Clarke, the 2 tonne sculpture was recently moved from Mr Clarke's workshop to a picnic area and playground at the south end of the town.
Commissioned by the Teviot Valley 2007 Society, the monument, which features an early pastoral farmer and his dog, measures 7m wide by 3.5m high.
Mr Clarke said the timing of the $30,000 project was set back as it required resource consent by the Central Otago District Council.
To enable the Teviot Valley community to take ownership of the project, and to help fund it, people from the area could purchase space on the back of it, where their names and family details would be recorded.
Mr Clarke worked on the sculpture on and off for about two years.
He spent about 1400 hours on it.
He said the steel used was known as cor-ten steel, which comprised copper and alloy, and turned a rich copper colour when it weathered.
"It will take about three months for it to get a good bronze-coloured coating. The more wet and dry it gets the better. The rust that will form on it forms a protective layer so it should last several hundred years."
The monument is due to be officially unveiled in spring or early summer.
Once that has happened, the monument will be given to the Roxburgh Community Board as a ward asset.