What was the recent regulatory milestone for Santana Minerals (ASX:SMI)?

The New Zealand Overseas Investment Office (OIO) granted Matakanui Land, a subsidiary of Santana Minerals, consent to purchase 3,680 hectares of freehold land.

Why is this land acquisition significant for Santana Minerals (ASX:SMI) shareholders?

Securing the freehold land is a critical de-risking step that allows the company to proceed with the infrastructure required for the gold project.

What are the key financial commitments and conditions of the OIO consent?

Santana Minerals must achieve full settlement of the land purchase by late 2026 and obtain all necessary resource consents to construct the mine by March 31, 2035.

What is the timeline for first gold production at the Bendigo-Ophir Project?

Following the land acquisition and pending further regulatory approvals, Santana Minerals aims to commence its first gold production in early 2028.

What are the main risks and hurdles remaining for Santana Minerals (ASX:SMI)?

While the land purchase is approved, the project still requires final a decision under the Fast-track Approvals Act, expected in October.

How does the Bendigo-Ophir Project impact the local New Zealand economy?

The project is expected to create approximately 350 full-time equivalent (FTE) jobs during its construction and operating phases. It will also increase New Zealand’s export receipts and stimulate the Otago regional economy through a commitment to source local products and services.

NZ clears $500M Bendigo-Ophir Gold Project land deal

Written by Liezl GambePublished May. 6 2026

New Zealand's Overseas Investment Office granted consent for Matakanui Land, a subsidiary of Santana Minerals (ASX:SMI), to purchase 3,680 hectares of freehold land for the Bendigo-Ophir Gold Project.

The acquisition comprises portions of Bendigo and Ardgour Stations, paving the way for a development that promises to inject over NZ$500 million of direct capital investment into the regional economy over its projected 14-year lifespan.

The OIO’s approval follows a period of rigorous scrutiny and carries stringent conditions, including a requirement for full settlement by late 2026 and the attainment of necessary resource consents by 2035.

The project footprint is set to include open pits, processing plants, and a tailings storage facility, while notably earmarking 1,263 hectares for ecological offsetting and habitat enhancement.

Government officials highlight that the mine will bolster the national minerals strategy, creating approximately 350 full-time equivalent positions and increasing export receipts.

Local economic stimulation is expected to be immediate, with a commitment to source products and services from the Otago region.

While the final decision under the Fast-track Approvals Act is anticipated for October, Santana Minerals remains confident in meeting all regulatory milestones.

If successful, the project aims to commence its first gold production in early 2028.