Reference: 20250294

27 June 2025

Stephen Prendergast
[FYI request #30864 email]

Dear Stephen

Thank you for your Official Information Act (OIA) request, received on 30 April 2025.
You requested the following:

This request is for advice provided to Ministers/Cabinet on the taxpayer support
for the proposed sale of Ruapehu Alpine Lift assets to Whakapapa Holdings.

Information being released

Please find enclosed the following documents:

Item  Date
Document Description
Decision
1.    11 April 2025
Email: Implementing the sale of RAL’s
Released in part
Whakapapa assets
2.    17 April 2025
Briefing REQ 0012239. Implementing the
Released in part
sale of RAL’s Whakapapa assets
3.    October 2024
Min Consult- RAL October 2024
Released in part

I have decided to release the relevant parts of the documents listed above, subject to
information being withheld under one or more of the following sections of the OIA, as
applicable:
•  section 9(2)(a) – to protect the privacy of natural persons, including that of
deceased people,
  •  section 9(2)(b)(ii) – to protect information where the making available of the
information would be likely unreasonably to prejudice the commercial position of
the person who supplied or who is the subject of the information
  •  section 9(2)(ba)(ii) – to protect information which is subject to an obligation of
confidence or which any person has been or could be compelled to provide under
the authority of any enactment, where the making available of the information
would be likely otherwise to damage the public interest

•  section 9(2)(f)(iv) – to maintain the current constitutional conventions protecting
the confidentiality of advice tendered by Ministers of the Crown and officials
1 The Terrace
PO Box 3724
Wellington 6140
New Zealand
tel. +64-4-472-2733

https://treasury.govt.nz

•  section 9(2)(h) – to maintain legal professional privilege
  •  section 9(2)(i) – to enable the Crown to carry out commercial activities without
prejudice or disadvantage

•  section 9(2)(j) - to enable the agency that holds the information to carry on
negotiations without prejudice or disadvantage, and

•  section 9(2)(k) – to prevent the disclosure of official information for improper gain
or improper advantage.

Direct dial phone numbers of officials have been redacted under section 9(2)(k) in
order to reduce the possibility of staff being exposed to phishing, social engineering
and other scams. This is because information released under the OIA may end up in
the public domain, for example, on websites including Treasury’s website.

Information publicly available

The following information is also covered by your request and is publicly available on
the Treasury website:

Item
Date
Document Description
Website Address
4.    8 December
OIA response 20230471:
Official Information Act Response
2023
RAL Administration and
20230471 - RAL Administration and
Liquidation
Liquidation - Received 4 Oct 2023 -
Published Jan 2024 - The Treasury
5.    23
OIA response 20230519:
Official Information Act Response
December
Information related to
20230519 - Information related to
2023
Ruapehu Alpine Lifts
Ruapehu Alpine Lifts, and/or the
Whakapapa or turoa ski area - Received
13 Nov 2023 - Published Jan 2024 - The
Treasury
6.     8 July 2024
OIA response 20240354.
Official Information Act Response
Ruapehu Alpine Lifts
20240354 - Ruapehu Alpine Lifts
financial impacts
financial impacts - Received 16 May
2024 - Published Aug 2024 - The
Treasury
7.    22 July 2024  Aide Memoire 2024/747:
Official Information Act Response
Tagged contingency
20240452 - Request for 6 Documents -
drawdown – Removal of
Received 24 Jun 2024 - Published Sep
redundant infrastructure on
2024 - The Treasury
Mount Ruapehu
8.    1 November
Treasury Report
Official Information Act Response
2024
T2024/3008: Briefing for
20250052 Tranche Three - Copies of 59
Reports Sent to the Minister of Finance
2

Cabinet Committees
in November 2024 - Received 30 Jan
2025 - Published 8 May 2025 - The
Treasury
9. 2 December
Aide Memoire T2024/3273:
Request for 21 Documents (OIA-
2024
Advice on options relating
20250142) | The Treasury New Zealand
to the sale of Ruapehu
Alpine Lifts Limited’s
Whakapapa ski field.

Accordingly, I have refused your request for the documents listed in the above table
under section 18(d) of the OIA: the information requested is or will soon be publicly
available.

Some relevant information has been removed from documents listed in the above table
and should continue to be withheld under the OIA, on the grounds described in the
documents.

In making my decision, I have considered the public interest considerations in section
9(1) of the OIA.

Please note that this letter (with your personal details removed) and enclosed
documents may be published on the Treasury website.

This reply addresses the information you requested. Under section 28(3) of the OIA,
you have the right to ask the Ombudsman to review any decisions made under this
request. The Ombudsman may be contacted by email at:
[email address] or by calling 0800 802 602.

Yours sincerely

James Haughton
Acting Manager, Regions Enterprise and Economic Development

3

link to page 5 link to page 14 link to page 14 link to page 17 Table of Contents
1.
BRIEFING-REQ-0012239 - Implementing the sale of RAL’s Whakapapa assets
1
2.
22 April 2025 RE Implementing the sale of RAL’s Whakapapa assets [IN-
10
CONFIDENCE]
3.
Min Consult - RAL - October 2024
13

20250294 TOIA Binder 3
Page 1 of 15

BRIEFING
Implementing the sale of RAL’s Whakapapa assets
Date:
17 April 2025
Priority:
Medium
Security
In Confidence
Tracking
BRIEFING-REQ-0012239
classification:
number:

Action sought

Action sought
Deadline
Hon Shane Jones
s9(2)(i)
24 April 2025
Minister for Regional
Development

Hon Nicola Willis
Minister of Finance
s9(2)(i)
Agree to provide up to $1.5 million of ringfenced
funding from the RSPF to give effect to Cabinet
decisions relating to the sale of the Whakapapa ski
field.
Authorise officials to make decisions on minor
amendments to the commercial arrangements
associated with the sale.
Hon Nicola Willis
Agree to provide a s9(2)(i)
loan to Whakapapa
24 April 2025
Minister of Finance
Holdings 2024 Limited under section 65L of the Public
Finance Act 1989 subject to the loan documents being
consistent with decisions recorded in Cabinet Minute
CAB-24-MIN-0483.

Contact for telephone discussion (if required)
Name
Position
Telephone
1st contact
Deputy Chief Executive – Regional
Robert Pigou
Development & Commercial
s9(2)(a)

Services
Principal Advisor to the Deputy
Chief Executive - Regional
Josh Hercus
s9(2)(a)
✓
Development & Commercial
Services

The following departments/agencies have been consulted
The Treasury

20250294 TOIA Binder 3
Page 2 of 15

BRIEFING
Implementing the sale of RAL’s Whakapapa assets
Date:
17 April 2025
Priority:
Medium
Security
In Confidence
Tracking
BRIEFING-REQ-0012239
classification:
number:
Purpose
To seek agreement to operationalise Cabinet decisions and complete the sale of the Whakapapa
ski field assets of Ruapehu Alpine Lifts Limited (In Liquidation and Receivership) (RAL), by RAL’s
Receivers to Whakapapa Holdings 2024 Limited (WHL).
Executive summary
In December 2024, Cabinet agreed to delegate authority to the Minister of Finance and the
Minister for Regional Development to make decisions to implement the sale of RAL’s Whakapapa
ski field assets to WHL.
MBIE officials require Ministers’ approval to operationalise the sale in accordance with Cabinet
decisions. Pending decisions relating to WHL’s Department of Conservation concession
application, it is expected that the sale will be completed in May 2025. No new funding is required
to complete the sale as all transactions will utilise existing funds.
MBIE officials are seeking your agreement  s9(2)(i)
s9(2)(i)
, approve up to $1.5
million of ringfenced funding from the Regional Strategic Partnership Fund (RSPF) to be utilised to
implement Cabinet decisions relating to the sale of RAL’s Whakapapa ski field to WHL, and
authorise officials to make decisions on minor amendments to the commercial arrangements
associated with the sale.
This briefing also seeks the Minister of Finance to agree to provide loans from the RSPF to WHL in
accordance with section 65L of the Public Finance Act 1989.
If the sale is completed,  9(2)(b)(ii)
9(2)(b)(ii)
. RAL’s debt to the Crown wil  be
written-off, as agreed by Cabinet. If the sale is not completed, officials will provide further advice
and options to Ministers.
Recommended action
The Ministry of Business, Innovation and Employment recommends that you:
a
Note that Cabinet approved up to $5 million of loan funding to Whakapapa Holdings 2024
Limited (WHL) to enable it to complete the purchase of RAL’s Whakapapa assets and to
operate the Whakapapa ski field, subject to WHL obtaining a Department of Conservation
concession to operate.
Noted
b
Note that Cabinet authorised the Minister of Finance and the Minister for Regional
Development to take further decisions, as required, in relation to the implementation of the
decisions outlined in Cabinet Minute CAB-24-MIN-0483,  s9(2)(f)(iv)

BRIEFING-REQ-0012239
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20250294 TOIA Binder 3
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s9(2)(f)(iv)
Noted
c
Note that subject to DOC’s approval of a concession, and on terms acceptable to WHL,
MBIE officials expect the sale to be completed in May 2025 and require Ministerial approval
to operationalise the sale.
Noted
d
Note that if the sale is completed,  9(2)(b)(ii)
9(2)(b)(ii)
, and RAL’s remaining
$48.946 million of debt to the Crown will be written-off, as agreed by Cabinet.
Noted
e  s9(2)(i)
Noted
f
s9(2)(i)
Agree / Disagree
s9(2)(i)
g
Agree / Disagree
h
Agree to provide up to $1.5 million of ringfenced funding from the RSPF to give effect to
Cabinet decisions relating to the sale of the Whakapapa ski field.
Agree / Disagree
i
Authorise officials to make decisions on minor amendments to the commercial
arrangements associated with the sale.
Agree / Disagree
Minister of Finance only
j
Agree to provide a  s9(2)(i)
to Whakapapa Holdings 2024 Limited under section 65L
of the Public Finance Act 1989 subject to the loan documents being consistent with decisions
recorded in Cabinet Minute CAB-24-MIN-0483.
Agree / Disagree
k
Note the loan terms for the loan fall or are expected to fall within the ‘Approved RSPF Loan
Framework’ as described in Treasury Report T2023/505 and so are considered under
section 65L of the Public Finance Act 1989 to be necessary or expedient in the public
interest.
Noted

BRIEFING-REQ-0012239
In Confidence
2

20250294 TOIA Binder 3
Page 4 of 15

Robert Pigou
Hon Nicola Willis
Deputy Chief Executive – Regional
Minister of Finance
Development & Commercial Services

MBIE
..... / ...... / ......
17 / 04 / 2025

Hon Shane Jones
Minister for Regional Development

..... / ...... / ......

BRIEFING-REQ-0012239
In Confidence
3

20250294 TOIA Binder 3
Page 5 of 15

Background
1.
On 9 December 2024, Cabinet approved up to $5 million of loan funding to Whakapapa
Holdings 2024 Limited (WHL) to enable WHL to complete the purchase of RAL’s Whakapapa
assets and operate the Whakapapa ski field, subject to WHL obtaining DOC concession to
operate [CAB-24-MIN-0483].
s9(2)(i)
2.
3.
Cabinet authorised the Minister of Finance and Minister for Regional Development to take
further decisions, as required, in relation to the implementation of the decisions outlined in
the Cabinet Minute, s9(2)(f)(iv)
s9(2)(f)(iv)
.
4.
Officials are seeking Ministerial decisions to enable the timely completion of the sale once
decisions on WHL’s DOC concession are made, which are expected to take place in late
April 2025.  s9(2)(j)
s9(2)(j)
.
5.
If the sale is completed, 9(2)(b)(ii)
9(2)(b)(ii)
, the Crown will write-off the outstanding debt, as agreed by Cabinet.
Ministerial  decisions  are  required  to  complete  the  sale  of  RAL’s
Whakapapa ski field assets to WHL
s9(2)(b)(ii), s9(2)(i) and 9(2)(j)
s9(2)(h)
s9(2)(b)(ii), s9(2)(i) and 9(2)(j)

BRIEFING-REQ-0012239
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4

20250294 TOIA Binder 3
Page 6 of 15

s9(2)(b)(ii), s9(2)(i) and 9(2)(j)
Seeking approval for officials implement minor changes relating to the sale
14.  It is recommended that you authorise officials to make decisions on minor amendments to
the commercial arrangements associated with the sale, including but not limited to the
funding agreement with WHL and the Sale and Purchase Agreement. Doing so will
streamline the process to complete the sale.
Writing-off RAL’s debt owed to the Crown
15.  As at 31 March 2025, RAL owes $48.946 million to the Crown. This includes approximately
$16 million of debt that was acquired from ANZ bank for $1 as part of RAL’s transition from
being managed by its Liquidators to its Receivers in 2023. RAL was moved into Receivership
by Crown Regional Holdings Limited (CRHL) to preserve optionality for the incoming
government after the 2023 New Zealand General Election.
16.  CRHL, the Crown’s holding company for regional development investments, has provided
$32.833 million of loans to RAL. This figure represents the total amount of government
support provided to RAL and the Sky Waka gondola.
17.  Cabinet agreed to “write-off any remaining debt held by Crown Regional Holding Limited on
behalf of the Crown relating to RAL, once RAL has wound up and surrendered its
concession.” Operationally, the write-off of the $48.946 million, and any interest accrued
since March 31 2025, will be implemented by MBIE once RAL is wound up. No further
Ministerial decisions are required.
Public Interest Test - assessment of the loan to WHL against the RSPF
Loan Framework
18.  Loan support provided by the Crown requires approval from the Minister of Finance under
Section 65L of the Public Finance Act 1989, which is referred to as ‘the public interest test.’
MBIE has previously advised of the pre-established ‘Approved RSPF Loan Framework’

BRIEFING-REQ-0012239
In Confidence
5

20250294 TOIA Binder 3
Page 7 of 15

[briefing 2324-3107]. If loan terms fall within the Framework, the standing public interest test
analysis is applicable.
19.  MBIE officials consider that the terms of the loan to WHL provided below from RSPF funding
agreed to by Cabinet fall within the RSPF Framework.
20.  Table One provides a summary of the terms for the debt instrument for WHL. MBIE officials
have assessed the terms and determine that they are consistent with the RSPF Framework
because the Crown holds a first ranking security over the recipients’ assets and the loan is
interest bearing.
s9(2)(b)(ii), s9(2)(i) and 9(2)(j)

BRIEFING-REQ-0012239
In Confidence
6

20250294 TOIA Binder 3
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s9(2)(b)(ii), s9(2)(i) and 9(2)(j)

BRIEFING-REQ-0012239
In Confidence
7

20250294 TOIA Binder 3
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Next steps
21.
s9(2)(f)(i), and s9(2)(j)
s9(2)(f)(i), and s9(2)(j)
Pending decisions
relating to WHL’s application for a concession to operate, it is expected that a sale wil  be
completed in May 2025.
22.  If you do not agree to the recommendations in this briefing, it is almost certain that the sale
will not be completed. WHL may withdraw from the sale and further decisions would be
required on the government’s role in the Whakapapa ski field.
23.  If the sale is not completed, or not able to be completed in an acceptable timeframe, Cabinet
has agreed that the Crown seeks the wind up of RAL. If this were to occur, MBIE officials will
provide further advice.
24.  If the sale is completed, WHL will operate the Whakapapa ski field. RAL will be wound up
and the Crown wil  write off RAL’s remaining debt.

Annex 1 withheld in full under section 9(2)(i)
s
s9(2)(f)(i), and s9(2)(j)
s9(2)(f)(i), and s9(2)(j)
s
s
and
s9(2)(j)
and
s9(2)(j)
and
s9(2)(j)

20250294 TOIA Binder 3
Page 10 of 15

From:
Brock Stobbs [TSY]
Sent:
Tuesday, 22 April 2025 4:12 pm
To:
[email address]
Cc:
John Marney [TSY]; [email address]
Subject:
RE: Implementing the sale of RAL’s Whakapapa assets [IN-CONFIDENCE]
Hey Maisie

Appreciate this is already in her bag but can conﬁrm we are happy with the substance of the brieﬁng. The decision utilises ringfenced funding in line with Cabinet
agreement and enables the completion of the sale.

s9(2)(j)
A minor technical point is that
will need to be written o , there will be a subsequent OBEGAL impact. Kānoa have conﬁrmed
with us that the impacts from this proposed transaction, including the write-o , have already been taken into account and included in the ﬁscal forecasts
completed by CRHL. Based on this, we are comfortable with this proposal being considered during the Budget moratorium period.

Let me know if there are any questions.

Cheers

From: Maisie Hance < >
Sent: Tuesday, 22 April 2025 1:32 pm
To: John Marney [TSY] <[email address]>
Cc: ^Parliament: Hugo Thompson <[email address]>
Subject: FW: Implementing the sale of RAL’s Whakapapa assets [IN-CONFIDENCE]
Importance: High

Hi John,

Are TSY comfy with this brieﬁng?

This needs to go up tonight as MoF is travelling tomorrow.

1

20250294 TOIA Binder 3
Page 11 of 15
Thanks,
Maisie

Maisie Hance
Private Secretary – Finance
O ice of Hon Nicola Willis | O ice of Hon Shane Jones

Minister of Finance | Associate Minister of Finance
s9(2)(k)
E: [email address]

From: Leah MacDonell <[email address]>
Sent: Tuesday, 22 April 2025 11:10 AM
To: Simon McLoughlin <[email address]>; Maisie Hance <[email address]>
Cc: Oliver Taylor <[email address]>
Subject: Implementing the sale of RAL’s Whakapapa assets [IN-CONFIDENCE]
Importance: High

Kia ora Simon and Maisie

With Hugo away, please see the attached brieﬁng REQ-0012239: Implementing the sale of RAL’s Whakapapa assets.

The Treasury has been consulted on the brieﬁng.

This brieﬁng came through late Thursday. My apologies that I am only sending to your o ice now given the very tight timeframe - Approve the
recommendations in the brieﬁng by 24 April.

Please let me know if you have any questions.
Urgency of paper
High.
Key messages
  In December 2025, Cabinet approved up to $5 million of loan funding to Whakapapa Holdings 2024
Limited (WHL) to enable it to complete the purchase of RAL’s Whakapapa assets and to operate the
Whakapapa ski ﬁeld, subject to WHL obtaining a Department of Conservation concession to
operate.

2

20250294 TOIA Binder 3
Page 12 of 15
  Cabinet also authorised the Minister of Finance and the Minister for Regional Development to take
further decisions, as required, in relation to the implementation of the decisions outlined in Cabinet
Minute CAB-24-MIN-0483, s9(2)(f)(iv)
s9(2)(f)(iv)

  MBIE o icials expect the sale to be completed in May 2025 and require Ministerial approval to
operationalise the sale. No new funding is required to complete the transactions. All funding will be
utilised from existing funds.

  MBIE o icials are seeking Ministers’ s9(2)(i)

s9(2)(i)
approve up to $1.5
million of ringfenced funding from the Regional Strategic Partnership Fund (RSPF) to be utilised to
implement Cabinet decisions relating to the sale of RAL’s Whakapapa ski ﬁeld to WHL, and
authorise o icials to make decisions on minor amendments to the commercial arrangements
associated with the sale.

  This brieﬁng also seeks the Minister of Finance to agree to provide loans from the RSPF to WHL in
accordance with section 65L

of the Public Finance Act 1989.

  If the sale is completed, RAL will wind up s9(2)(b)(ii) and s9(2)(f)(iv)
s9(2)(f)(iv)
s9(2)(f)(iv)
RAL’s debt to the Crown will be written-o , as agreed by Cabinet. If the sale is
not completed, o icials will provide further advice and options to Ministers.
Next Steps
See below.
Action for Ministers
Approve the recommendations in the brieﬁng by 24 April to support the completion of the sale of RAL’s
Whakapapa assets to Whakapapa Holdings 2024 Limited (WHL).
Action for Private
Please provide a copy of the brieﬁng to the Minister of Finance’s o ice.
Secretary (other than
presenting to the
Minister)

Thank you,

3

20250294 TOIA Binder 3
Page 13 of 15

Title of paper
Options relating to the sale of Ruapehu Alpine Lifts Limited
Whakapapa Ski Field
Minister and
Hon Shane Jones, Minister for Regional Development
agency
Ministry for Business, Innovation and Employment
Description
This paper seeks Cabinet decisions on the future of Ruapehu Alpine Lifts
Limited (RAL) Whakapapa ski field as negotiations have concluded with the
prospective operator (Whakapapa Holdings Ltd who are seeking a $5 mil ion
loan from the Crown).
The paper presents two primary options: agree in principle to the $5 mil ion
loan and seek to preserve the ski field, or refuse support
9(2)(f)(iv) 9(2)(b)(ii) 9(2)(j)

s
The recommended option is to refuse support. This will allow for ring-fenced
Regional Strategic Partnership Fund (RSPF) funding to be returned to the
centre and remove the risk of future requests for Crown support for ski field
operations. However, this decision will result in the Department of
Conservation (DOC) becoming responsible for running the essential services
on the mountain as the landowner.  s9(2)(f)(iv)

s9(2)(f)(iv)

Though the exact timing is uncertain,
DOC wil  provide further advice once the timing and quantum are finalised,
likely in February 2025. At the point it is recognised, this cost will need to be
funded.
Comments
We agree with the recommended approach. There have been two separate
EOI processes and no commercial operator has been willing to take over
Whakapapa ski field without significant Crown financial support. As per
previous advice (T2024/149 refers), in our view there is no clear strategic
economic or policy rationale for ongoing Crown support to maintain a ski-
field - and it is likely that any support would only defer, rather than remove,
the requirement for the Crown to ultimately meet the ‘make good’ costs (as
no commercial operator is ever likely to accept that liability).
The paper sets out the choices and trade-offs sufficiently clearly, however, at
present, it does not provide Ministers with:
•  s9(2)(f)(iv)
•  sufficient clarity over the ongoing maintenance costs which would fal
to DOC once RAL is liquidated;  s9(2)(j)
s9(2)(j)
for running sewage processes, electricity up
the mountain, and the volcanic warning system at Whakapapa.

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20250294 TOIA Binder 3
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Fiscal
Option 1 – no further support (recommended option)
implications
No further support would be required and the remaining s9(2)(f)(iv), and s9(2)(j) of ring-
fenced RSPF funding would become available.  s9(2)(f)(iv)


DOC wil  become responsible for funding and running the essential services
on Mount Ruapehu –  s9(2)(j)
. We recommend
this is managed through reprioritisation within existing baselines.
DOC has advised that it will likely be able to determine accurate costs and
timing for when the ‘make good’ decommissioning liability needs to be
provided for in February 2025. s9(2)(f)(iv)

Option 2 – in principle agreement to support for WHL (not
recommended)
A $5 mil ion loan would be provided to WHL, conditional on the concession
process. This would be funded through the ring-fenced RSPF funding and
create no new fiscal implications.  s9(2)(f)(iv)

s9(2)(f)(iv)
The ‘make good’ liability and ongoing maintenance costs would be deferred
so long as WHL remained a going concern.
Recommended
We recommend that you request that the Minister for Regional Development
action
make the fol owing changes:
9(2)(f)(iv) 9(2)(b)(ii) 9(2)(j)
We understand that the Minister of Conservation intends to report back to
Cabinet on the ongoing maintenance costs and responsibilities as a result of
these decisions – so no action is required from you on this issue. We wil

2

20250294 TOIA Binder 3
Page 15 of 15

provide further advice – s9(2)(f)(iv)
s9(2)(f)(iv)

3

Document Outline