Key admits being 'sloppy' with share management

Prime Minister John Key. Photo / Mark Mitchell

Prime Minister John Key admitted in Parliament today he had been "a bit sloppy" with his share portfolio management.

He was being questioned by Labour MP Pete Hodgson about his shares in a mining company that has uranium interests, which he is in the process of selling after his ownership of them was revealed at the weekend.

The Australian mining company, Jackson Minerals, merged last year with Scimitar Resources to form Cauldron Energy, which has numerous uranium exploration projects in Australia and Argentina.

Mr Hodgson wanted to know how Mr Key had been unaware of the merger.

"A small technical issue - I've been busy running the country," Mr Key replied.

"I'm the first to admit it - I was a bit sloppy.

"I bought the shares in 2001. The last time I looked at them, from memory, was 2007 or 2008. At the time they were trading at three-and-a-half cents.

"I offered them to my son. At the time he was 12, even he didn't want them."

Mr Key said there was no question of conflict of interest between his shareholding and any decisions the Government might make about exploring options for new mining in Crown land in New Zealand.

The mining company did not operate in New Zealand and to the best of his knowledge it had no intention of doing so, he said.

Mr Hodgson asked him about his other overseas investments, and whether any of them was considering investing in New Zealand.

Mr Key said he had some shares in a ski resort in Aspen, which he didn't think was going to be doing much in New Zealand, and some Bank of America shares.

Bank of America had no operations in New Zealand, he said.

Earlier Mr Key told reporters the mining shares would be disposed of either today or tomorrow.

New Zealand has an anti-nuclear policy and the Government is shortly to release a proposal to open up parts of the conservation estate to mining.

Labour Party leader Phil Goff also thought Mr Key had been sloppy.

"Once again John can't remember where he has got his shares and I guess that's understandable."

- NZPA