Prospectivity, the relative value of gold, investor confidence, general economic stability and legislation driven by public attitudes are seen as the major influences on the gold mining industry in New Zealand. Since the 1860s the gold mining industry in New Zealand has been subject to the complex interaction of these influences resulting in three successive boom and bust periods. The booms are related to periods of greatest potential economic growth. The busts are more strongly related to downturns in the economy and falling gold price._x000D_
The influences may be expressed as trends over time. The role of gold has changed from being a currency base to that of a traded commodity. This change has caused price instability and rapid fluctuations in its value._x000D_
Increased competing land uses, shifting public attitudes and legislative changes have added to the instability of the industry. Reaction against change is to be expected from the companies until new legislation is seen to be functioning efficiently._x000D_
Other trends show that there has been a tendency towards reduced exploration and consolidation of active gold mining projects. The future consequences of this are likely to be felt both regionally and nationally as there will be no new discoveries to fill production voids which will develop as currently producing mines close._x000D_
The review of New Zealand's resource use statutes is nearly complete. A period of legislative stability can now be expected. There are some positive signs that consents will be obtained much more quickly than under previous legislation, particularly by those companies which develop the skills to work with the system. The new regime is about consideration of impacts rather than specific activities. This, together with excellent prospectivity, bodes well for the identification of mineral resources in New Zealand.