WA IHI NORTH PROJ ECT ECONOMI C IMPACTS For New Zealand consenting purposes only. Forward looking information must not be relied on for investment purposes. 3 for New Zealand, with particular benefit for the province, which otherwise has relatively low paid jobs. o There was a cumulative payment of $31m in staff compensation in 2019 (9% of all earnings in the Hauraki District). We expect staff compensation to average $30m a year to 2030 without WNP. WNP would boost local wages paid by an additional $30m a year, that is doubling the wages paid in the district. It would be a significant benefit for the district, particularly local businesses, who would also benefit from local purchases of $36m a year. o There are additional local contributions through local authority rates and fees ($1.1m in 20201) and community contributions to local events, schools, and groups. o Past surveys of local businesses and community as part of the Social Impact Management Plan (SIMP), discussion with local businesses and community members show a good understanding of the economic contribution of the mine to the local economy, as well as risks. Some businesses noted their direct connections with the mine, others benefitted from the general availability of money spent in the local community, while others noted the access to welltrained workers from the mine not easily accessible in other regions. The presence of a large employer of well-paid jobs, which also invests in training has led to a well-qualified pool of labour and future employment prospects. These lend to local labour market and economic resilience. o Environmental effects: This assessment has focussed on readily quantifiable and monetised economic impacts – which looks at the economic effects on exports, jobs and the economy. We have assessed the employment and expenditure effects of remediation activity in 2037 and 2038. However, we have not undertaken a full Cost Benefit Analysis of wider environmental effects. Separate expert evidence is anticipated making careful assessments of the project’s impact on environmental factors such as biodiversity and freshwater. OGNZL has designed the project so that the project’s environmental effects are neutral at worst and more likely positive. Bonds provided as a condition of resource consents include annually adjusted capitalised sums for post closure costs of monitoring and management of the mine site. On that basis we take the view that the benefits assessed in this report will not be reduced or offset by ‘hidden’ costs to other components of the broader economic system. • Conclusion: WNP will extend the mine’s life by 6 years to 2036. This will be a boost to the Hauraki District economy. New projects that increase employment and economic opportunities for a long duration are even more welcome now than usual. The underlying positive economic contribution of the mine in terms of boosting exports, economic output, well-paying jobs and supporting a multitude of suppliers is already well 1 2020 ESTMA Report: https://ogc.irmau.com/site/PDF/84e43231-e71b-4db3-88d8-bfcf6463f98c/2020ESTMAReport
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