Santana Minerals' (ASX:SMI, NZE:SMI) wholly owned subsidiary, Matakanui Land, has been approved by New Zealand's overseas investment office (OIO) to acquire land across Bendigo and Ardgour stations, clearing the way for the company's proposed gold mining project, according to a Thursday filing with the Australian and New Zealand bourses.
The approval includes 797 hectares at Bendigo station for mining infrastructure and pits, 92 hectares for a proposed Bendigo sanctuary, and 2,880 hectares at Ardgour station for processing facilities, tailings storage, offices, and ecological offset areas, per the filing.
The project is expected to attract more than NZ$500 million in investment over 13 to 14 years, generate about 350 full-time jobs, increase exports, and strengthen the local economy, the filing said.
The OIO consent key conditions include full settlement by December, securing resource consent by March 2035, and investing NZ$250 million in development within five years of receiving consent.
The company expects to meet these requirements, with a final decision under the fast-track approvals act due in October and initial gold production planned for early 2028, the filing added.