Australian mining company buys up 2800ha in South Island

Otago Daily Times

2 days ago

File photo: Marjorie Cook
Australian mining company Santana Minerals has bought more than 2800ha of Central Otago land for $25 million in preparation for its Bendigo-Ophir Gold Project.
Last week, the company announced it had acquired outright Ardgour Station land near Tarras "which has competing land uses" over part of the project.
The company has estimated it could extract gold worth $4.4 billion from an open pit and underground gold mine on Bendigo and Ardgour Stations.
Chief executive Damian Spring said in a statement the company was pleased to have completed the "respectful and mutually beneficial" transaction with the station's owners.
The agreement included a non-refundable deposit of $2m and Santana Minerals shares worth $5m, to be paid at settlement with cash consideration of $18m.
The total acquisition includes four land records of title covering an estimated 2880ha of land including "all irrigable lands, water rights and infrastructure".
The freehold ownership of Ardgour Station land covers the proposed location of the project's process plant and most of the infrastructure for development.
"This secures our development rights for the majority of the Bendigo-Ophir Gold Project infrastructure and uncomplicates competing land uses when the project proceeds," Mr Spring said.
The transaction is subject to Overseas Investment Office approval.
- APL