Is the Minister aware of precisely what the $60 million grant to Golden Bay Cement for financial assistance will be used for, if so, what?

Answer

The funding was used to purchase NZ Emission Trading Scheme New Zealand Units on the secondary market. In return, Golden Bay Cement committed to maintaining domestic cement manufacturing until at least 31 December 2040, to undertake a $150 million investment programme, and to take reasonable endeavours to maintain employment levels. The Funding Agreement includes several clawback provisions that set out the circumstances when funding can be recovered, including where the investment programme is abandoned, or reduced below $150 million; domestic cement manufacturing ceases before 31 December 2040; employment falls by more than 10% and reasonable mitigation is not demonstrated; and when regulatory or market changes mean funding support is no longer needed.