More money for mining, drilling

The Government’s large increase in funding to promote mining and drilling is a 19th century economic strategy that will take New Zealand backwards, said the Green Party today.

In a bleak budget where most lines have been cut, the Government has increased funding of Crown Minerals, the Government business unit responsible for promoting mining and drilling in New Zealand, by more than 50 per cent.

“There is an opportunity cost. More money promoting mining and drilling means less money invested in smart, green economic development,” said Green Party Energy spokesperson Dr Kennedy Graham.

“This budget shows the priority of John Key’s Government is to try and make a quick buck, which will ultimately take New Zealand backwards.

“It is a threat not only to our clean, green brand, but also to our children and grandchildren who will suffer the climate consequences of our continued use of fossil fuels.

“An economic strategy that relies on mining and drilling is like pulling up the floor boards of our home to throw on the fire. Once it is gone, we’ll be left even more out in the cold.

“New Zealand’s future prosperity depends on investment in clean, green technology and sustainable jobs.

“Instead, John Key’s Government prefers to spend our limited money wooing foreign companies to exploit a 19th century resource,” Dr Graham said.

For more information:
2010/11 Management of the Crown Mineral Estate (M28)
Allocation and management of Crown-owned petroleum, coal and mineral resources under the
Crown Minerals Act 1991 and minerals programmes issued under the Act. 9,810
http://www.treasury.govt.nz/budget/2010/estimates/est10ener.pdf

2011/12 Management of the Crown Mineral Estate (M28)
Allocation and management of Crown-owned petroleum, coal and mineral resources under the
Crown Minerals Act 1991 and minerals programmes issued under the Act. 14,871
http://www.treasury.govt.nz/budget/2011/estimates/est11ener.pdf

Link to Crown Minerals website:
http://www.crownminerals.govt.nz/cms/about