Yesterday it was announce that the Lyttleton Port Company (LPC) will be fast tracked through the Canterbury Earthquake Recovery Act 2011.
This ‘green light’ means resource consents will be fast-tracked in a similar way to those involved in the Central Recovery Plan and the Land Use Recovery Plan. Public submissions will still be given slight consideration and any appeal rights are restricted to matters of law.
The National Business Review states that this Gerry Brownlee’s recent announcement is a result of “10 years worth of hearings and 100-odd resource consents” (read article here).
The LPC upgrade is estimated to be around $1 billion with half of that from insurance and allocated to rebuild, and the other half intended to be upgrades to the Port.
LPC shares remain unchanged on the news.