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Artist Don Paterson and volunteer John Rapson have been working around the clock to fashion the large creature from fibreglass, steel and concrete.
It will be the centrepiece of the playground, which will also feature a historic steam crane on railway tracks, a refashioned fishing boat, a large crab with a slide and other activities, swings featuring a clown on a penny-farthing and a basketball hoop.
Waitaki District Council property manager Dougall McIntyre last month said the crane and the elephant would link a flying fox cable.