[Forestry_Whanganui.JPG] The timing wasn't right for Whanganui Iwi to buy Whanganui District Council forests. Photo / supplied
Whanganui Iwi were unable to be considered as potential buyers of Whanganui District Council forest land but are pleased the new owner plans to give 148ha.
The council has sold 1000ha of land and forest to Summit Forests New Zealand, a subsidiary of the Japanese multinational Sumitomo Corporation.
The nearly $13 million deal was signed last December, but awaited Overseas Investment Office approval, which was given last month. Part of the deal is an announcement Summit Forests will hand over 148ha "for nil consideration once Summit has identified the appropriate iwi to receive the offer".
The Whanganui Land Settlement Negotiation Trust could be in a position to buy the land when land claims for the lower Whanganui are settled. But it didn't exist when the sale process began.