New Zealand dairy company Mataura Valley Milk, has postponed plans to build a NZ$90m (US$59.4m) milk powder plant in Gore, according to local reports.

The decision was down to the global credit crisis, the company said, however the delay could result in Mataura missing the start of the 2009 milking season, reports have suggested.

It is understood the postponement could last around 12 months.