Waimea Water Ltd (WWL) today announced that the forecast cost to build the Waimea Community Dam has increased by $20M on its last year forecast, due to encountered geology, high inflation, and global supply chain issues.
Waimea Irrigators Ltd (WIL) Chair Murray King said, “This cost increase may be outside of WWL’s control, but is still distressing, at a time when people throughout the region are under immense financial and emotional hardship. In particular, we are very aware of how sensitive our food producers are to cost increases, from anywhere.
“However, the cost increase is also balanced by the knowledge that the region will soon benefit from the Waimea Community Dam,” King said. “We are already the envy of other food-producing regions, who like us, know the value of good water supply, especially as the demand for our food is ever-growing.”
King notes that the Waimea Dam construction cost adjustment has no impact on the current WIL share price. He said WIL will work with Council proactively and constructively to resolve how this funding shortfall will be covered.