Supplier log in
Escrow Agent for Coal Mines
Details
|
Tender Closed
|
|
| RFx ID : | 18244045 |
| Tender Name : | Escrow Agent for Coal Mines |
| Reference # : | 3602991 |
| Open Date : | Thursday, 15 December 2016 3:00 PM (Pacific/Auckland UTC+13:00) |
| Close Date : | Friday, 27 January 2017 5:00 PM (Pacific/Auckland UTC+13:00) |
| Department/Business Unit : | The Treasury |
| Tender Type : | Request for Proposals (RFP) |
| Tender Coverage : | Sole Agency [?] |
| Categories : |
|
| Regions: |
|
| Exemption Reason : | None |
| Required Pre-qualifications : | None |
| Contact : |
Escrow Enquiries escrow.enquiries@treasury.govt.nz |
| Alternate Physical Delivery Address : | |
| Alternate Physical Fax Number : | |
| Agency Address : | |
We are looking for an escrow agent to administer funds which have been set aside by the Crown for the rehabilitation of Solid Energy mines.
The funds are available to the new owners of Solid Energy’s mines to reimburse them for work done to extinguish the rehabilitation liabilities arising from Solid Energy’s historical mining activities.
The funds are held by an independent escrow agent, and may be released subject to
(1) agreement between the mine owner, the local authorities and the Crown on an annual work programme, and
(2) provision by the mine owner of adequate proof of costs incurred.
The role of the escrow agent is to ensure that funds are released only once the necessary documents have been provided.
Some of the liabilities are substantial, and extend over a timeframe of up to thirty years. It will also be important for the escrow agent to ensure that the funds are invested in a way that provides a good return within acceptable levels of risk.
Administration of the escrow funds is governed by an Escrow Agreement which has been signed by the mine owners, the local authorities and the Crown. This Agreement is attached to this RFP.
This tender has been awarded to:
- Computershare Investor Services (NZ) Limited
Further Award Information:
The Treasury has awarded the contract for an escrow agent for Coal Mines to Computershare Investor Services Limited.
Award Date: Monday, 24 July 2017 (Pacific/Auckland UTC+12:00)
Date RFx was completed/updated: Monday, 30 January 2017 9:30 AM (Pacific/Auckland UTC+13:00)
