Latest news with #MatakanuiGold
RNZ News
7 days ago
- Business
- RNZ News
Australian mining company Santana Minerals buys Otago land for $25 million
Santana Minerals chief executive Damian Spring. Photo: Supplied An Australian mining company believes it has struck gold on a Central Otago livestock station, buying it for $25 million and promising to employ hundreds of people. Santana Minerals - through its subsidiary Matakanui Gold - has a binding agreement to purchase the 2888 hectare Ardgour beef and sheep station near Tarras to work four historic gold deposit sites. Five years ago. the station delved into horticulture, planting thousands of cherry and apricot trees, but they are on a separate title and won't be affected by the mining. Santana Minerals chief executive Damian Spring said the company is going through the government's Fast Track legislation to get a final sign off and anticipates starting to mine early next year. He said while the legislation aims to accelerate decision-making, it does not override the requirements of the Resource Management Act or other applicable laws. "The collective work undertaken to support the application represents one of the most intensive and comprehensive studies ever conducted on the Dunstan Mountains," Spring said. At the centre of the project is the Rise and Shine (RAS) deposit that Spring claims is the most significant single gold discovery in New Zealand in the past 40 years. Spring said once the station changes hands, the mining will include an open pit mine about 900 metres wide in a circle shape along with underground mining to access deeper extensions of the deposit. He said three smaller pits are also planned. "It has been a great deal of effort to get to this point," Spring said. He estimates the project will employ up to 400 people working 12 hour shifts over the next 14 years. Spring said not all the land is being used for gold mining, and stock will continue to be farmed on parts of the station. "Certainly on the dry land and irrigation pivots - that will continue to be farmed. As part of our due diligence, we will be looking at what farming can continue up in the hill country particularly near our operations," he said. However, Spring adds that sheep tend to shy away from their other mining activities and is mindful it needs to work for both the company and livestock. Spring said when gold mining on Ardgour Station winds down, the land will be reinstated to its original state by planting grasses and native trees along with converting the pit into a lake. Santana Minerals is an Australian company listed on both the New Zealand and Australian stock exchanges. Federated Farmers was approached for a response to the station's diversification but said it doesn't comment about who farmers sell their land to. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Yahoo
03-07-2025
- Business
- Yahoo
Santana Minerals to acquire land for Bendigo-Ophir gold project
Santana Minerals' subsidiary Matakanui Gold has signed a binding agreement to acquire Ardgour Station land integral to the Bendigo-Ophir gold project in New Zealand. The NZ$25m ($15.2m) acquisition is subject to approval from the Overseas Investment Office and includes a non-refundable NZ$2m deposit. The transaction encompasses four land records, spanning 2,880 hectares and includes all irrigable lands, water rights and infrastructure. The strategic move will eliminate a 1% gross production royalty on part of the RAS orebody and associated deposits. The acquisition also secures the location for the project's processing plant and most of its infrastructure. Situated on New Zealand's South Island, the Bendigo-Ophir gold project is an hour's drive east of the international airport in Queenstown. The 251km² project is located within the Central Otago goldfields, 90km to the northwest of the globally renowned Macraes gold mine operated by OceanaGold. This mine is notable for its significant gold yield, with past production and mineral resources collectively exceeding eight million ounces. Santana CEO Damian Spring stated: 'We are pleased to have completed a respectful and mutually beneficial transaction with the owners of the Ardgour Station. This secures our development rights for the majority of the Bendigo-Ophir Gold Project infrastructure and uncomplicates competing land uses when the project proceeds. 'We are also very pleased that the owners have joined themselves at the hip with us in sharing the tremendous benefits and upside the development can have for all its stakeholders by taking part of their consideration in share ownership of the parent company.' A portion of the acquisition cost of NZ$5m will be settled in Santana Minerals shares, priced according to the 10-day volume-weighted average price before the agreement signing. Existing rights under the current access agreement between Ardgour Station landowners and Matakanui Gold will remain if the settlement is unsuccessful or will be superseded upon completion. "Santana Minerals to acquire land for Bendigo-Ophir gold project" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
