New Zealand’s Water Boiler Company to invest $1.2 billion
New Zealand is set to build a $1 billion water boiler factory that could create thousands of jobs and spur the country’s economy.
The New Zealand Water Corporation (NZWC) has announced plans to invest around $1 million per tonne of coal mined from the site at Mount Cook.
It is expected to employ around 10,000 people over the construction of the facility, which will be built at the site of a former coal mining facility.
Ahead of the announcement, NZWC CEO Rob Brown announced that the company had signed a letter of intent with a third party, in order to build the plant.NZWC Chief Executive Richard Cook said the investment would create thousands more jobs.
“We have the capacity to manufacture a huge amount of coal for the country and that’s why we’re very excited about the future here,” he said.
“There’s a lot of potential for new jobs, so this investment is good news for the community and good news that New Zealand has to look forward to.”
The boiler plant would be the first in New Zealand to be fully integrated with the national electricity grid, and would be part of the countrys plan to boost the reliability of the national grid.
The move comes after the government announced a new $8 billion plan to help improve the reliability and speed of the electricity supply.
The plan also includes the construction and upgrade of a new coal-fired power plant in the Pilbara region.
The new plant is expected be completed by 2021.
New Zealand’s coal production has plummeted since 2020, with a fall of more than 80 per cent in annual output.