Australian mining company Santana Minerals buys Otago land for $25 million
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.
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