The Overseas Investment Office, New Zealand’s foreign investment regulator, has granted approval to Holcim Ltd for leasing port land near a proposed cement plant.The port land is located near Timaru on New Zealand’s South Island. The lease agreement is with PrimePort Timnaru Ltd, ow-n-ed 71 percent by the Timaru Dist-r-ict Council. A cem-ent storage fac-ility is planned to be constructed by Holc-im New Zeal-and on the site. The facility will be critical for the development of a new cement plant to be built near Oamaru, around 49 miles south. Late last year Holcim New Zealand had mentioned that its Swiss parent company had deferred the cosnrtcution of the plant to late 2012 due to deteriorating global conditions.