Picton gets reprieve as government shoots down Clifford Bay ferry terminal

Wed, 13 Nov 2013

Nov. 14 (BusinessDesk) – Picton’s economic viability has been affirmed after the government rejected a proposal to build a $525 million ferry terminal at Clifford Bay that had promised to cut transport times between the North Island and Christchurch. “We have been delivered a thorough and robust report which clearly shows Clifford Bay is not commercially viable as a fully privately funded project, and the level of investment required at Picton over the next decade to extend its life would be substantially less than previously estimated,” Tran...

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