Latest news with #DamianSpring
Otago Daily Times
10 hours ago
- Business
- Otago Daily Times
Mining company gets $70m boost
A mining company hunting for gold in Central Otago has received nearly $70 million in backing from an Australian investment firm it says could accelerate the project. Santana Minerals announced to the stock market this week Canaccord Genuity Australia, an Australian financial services firm, had presented it with commitments from investors worth $65.8m. The company said this was driven by international resources funds, including those from New Zealand, that desired participation in its Bendigo-Ophir gold project — a proposed $5 billion gold mine in Central Otago. This was "strongly supported" by existing domestic and high net-worth holders. "The support and interest in the project endorses its significance and it is pleasing that a New Zealand resource project can once again attract significant investment capital for projects that can assist in the rebuild of the country's economic base," chief executive Damian Spring said in a statement. "It was most pleasing to also see strong participation from New Zealand investors who understand the long-term economic output impacts the project development can bring our community, region and country as we advance through consenting and a final investment decision." Mr Spring told the Otago Daily Times the company had long signalled it was prepared to commit funds ahead of any approvals under the fast-track legislation. It had proposed in non-notified applications lodged under the Resource Management Act to construct buildings and roadways on its recently acquired Ardgour Station land, to have an office and a couple of sheds established so they were "poised and ready to go" ahead of any further approvals. About 20% of the company's shares on issue were held by New Zealanders and was indicative of a growing level of interest in the project, Mr Spring said. Its job register had also grown to more than 1000 inquiries. The company had drafts for all of its reports and was on track to submit its application under the fast-track legislation "very soon", he said. "We're definitely into the home straight now." The company also intended to complete a share purchase plan capped at $3.3m. It proposed to use the proceeds from both this and the $65.8m investment — together with the company's existing cash balance of about $52m — to "accelerate" the project's development, begin early infrastructure civil works, potentially acquire freehold lands directly impacted by the proposed mining and completed access agreements and for further exploration of high-priority targets, including drilling.
RNZ News
10-07-2025
- 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.
Otago Daily Times
08-07-2025
- Business
- Otago Daily Times
Australian mining company buys up 2800ha in South Island
File photo: Marjorie Cook Australian mining company Santana Minerals has bought more than 2800ha of Central Otago land for $25 million in preparation for its Bendigo-Ophir Gold Project. Last week, the company announced it had acquired outright Ardgour Station land near Tarras "which has competing land uses" over part of the project. The company has estimated it could extract gold worth $4.4 billion from an open pit and underground gold mine on Bendigo and Ardgour Stations. Chief executive Damian Spring said in a statement the company was pleased to have completed the "respectful and mutually beneficial" transaction with the station's owners. The agreement included a non-refundable deposit of $2m and Santana Minerals shares worth $5m, to be paid at settlement with cash consideration of $18m. The total acquisition includes four land records of title covering an estimated 2880ha of land including "all irrigable lands, water rights and infrastructure". The freehold ownership of Ardgour Station land covers the proposed location of the project's process plant and most of the infrastructure for development. "This secures our development rights for the majority of the Bendigo-Ophir Gold Project infrastructure and uncomplicates competing land uses when the project proceeds," Mr Spring said. The transaction is subject to Overseas Investment Office approval. - APL
Otago Daily Times
08-07-2025
- Business
- Otago Daily Times
Santana buys 2800ha in Central
Australian mining company Santana Minerals has bought more than 2800ha of Central Otago land for $25 million in preparation for its Bendigo-Ophir Gold Project. Last week, the company announced it had acquired outright Ardgour Station land near Tarras "which has competing land uses" over part of the project. The company has estimated it could extract gold worth $4.4 billion from an open pit and underground gold mine on Bendigo and Ardgour Stations. Chief executive Damian Spring said in a statement the company was pleased to have completed the "respectful and mutually beneficial" transaction with the station's owners. The agreement included a non-refundable deposit of $2m and Santana Minerals shares worth $5m, to be paid at settlement with cash consideration of $18m. The total acquisition includes four land records of title covering an estimated 2880ha of land including "all irrigable lands, water rights and infrastructure". The freehold ownership of Ardgour Station land covers the proposed location of the project's process plant and most of the infrastructure for development. "This secures our development rights for the majority of the Bendigo-Ophir Gold Project infrastructure and uncomplicates competing land uses when the project proceeds," Mr Spring said. The transaction is subject to Overseas Investment Office approval. — APL
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
