23 Feb 2010

McCully to try to offload mining company shares

6:38 pm on 23 February 2010

Government minister Murray McCully says he will try to offload a small amount of shares he owns in a mining investment company.

The Government is investigating changes to Schedule 4 of the Crown Minerals Act which could see more conservation land opened up for mining.

Mr McCully says he has not taken part in any Cabinet discussions on mining and will absent himself when the subject comes up, due to the potential conflict of interest.

The National MP says he bought 184 shares in Widespread Portfolios Limited 10 years ago and the shares are currently worth about $NZ31.63.

The company is mainly involved in overseas mining operations, but does have some investments in oil, gas and gold exploration in New Zealand.

Mr McCully says has not been able to sell the shares because it is such a small parcel and he may have to give them away.