Australian mining company Santana Minerals has acquired more than 2800 hectares of land in Central Otago for $25 million. The acquisition includes Ardgour Station near Tarras and parts of Bendigo Station, and will support the infrastructure needs of the Bendigo-Ophir Gold Project.
Break Down the $25 Million Land Acquisition Deal
The acquisition comprises four titles totalling approximately 2880 hectares and includes irrigable land, water rights, and existing infrastructure. The payment structure reflects the deal’s complexity: a $2 million non-refundable deposit has been paid, with $5 million in Santana Minerals shares to be transferred at settlement, alongside an $18 million cash payment.
The land package gives the company freehold ownership of key development zones, it includes the planned site for the gold project’s processing plant and a large portion of the necessary infrastructure footprint.
Estimate the Gold Project’s Multi-Billion Dollar Potential
The Bendigo-Ophir Gold Project is estimated to yield gold worth $4.4 billion through a combination of open pit and underground mining. Securing unimpeded access to the land has become central to Santana’s development strategy. with such a high-value resource at stake. The acquisition eliminates concerns over land use disputes, giving the company a freer hand to advance its project plans.
Note CEO’s Statement on ‘Mutually Beneficial’ Deal
Santana Minerals CEO Damian Spring said the transaction is an important milestone for the company. “The company was pleased to have completed the ‘respectful and mutually beneficial’ transaction with the station’s owners,” he said in a statement.
Spring emphasised that the land deal would streamline the project’s development phase. “This secures our development rights for the majority of the Bendigo-Ophir Gold Project infrastructure and uncomplicates competing land uses when the project proceeds.”
Confirm Pending Regulatory Approval from OIO
The transaction is still awaiting regulatory clearance despite the milestone announcement. Approval from New Zealand’s Overseas Investment Office (OIO) is required before the acquisition can be fully settled. Until that decision is made, the future of the transaction remains subject to official review.
Santana Minerals has secured freehold access to land critical to the development of its Bendigo-Ophir Gold Project. The company says ownership of key infrastructure sites will support the project’s viability and future profitability.