The S&P/ASX 300 Index (ASX: XKO) is up a welcome 1% in morning trade today, with plenty of help from this surging ASX 300 gold stock.
The outperforming stock in question is Santana Minerals Ltd (ASX: SMI).
Santana Minerals shares closed yesterday trading for 60.5 cents. At thea time of writing, shares are swapping hand for 63.7 cents apiece, up 5.3%.
Here’s what’s piquing investor interest.
ASX 300 gold stock jumps on land approval
Santana Minerals shares are storming higher today after the miner reported that New Zealand’s Overseas Investment Office (OIO) has granted consent for it to purchase 3,680 hectares of freehold land for its Bendigo-Ophir Gold Project.
The ASX 300 gold stock is operating via its wholly owned local subsidiary, Matakanui Land Ltd.
According to the release, the purchased land will include the proposed open pits, engineered landform, and related infrastructure areas, as well as administration offices, infrastructure, processing plant, and the tailings storage facility.
Santana Minerals also highlight that its land purchase will include 1,263 hectares to be set aside for ecological offsetting by native planting, managed sheep grazing, pest and weed control, and habitat enhancement over the 35 years of consent applied for under the miner’s FTA application.
Over the 13 to 14 year lifespan, the ASX 300 gold stock expects direct capital investment of more than NZ$500 million in the project. It also forecasts the project will deliver around 350 full-time equivalent jobs over the construction phase and operating life of the mine.
The OIO consent remains subject to several conditions which Santana Minerals said it expects will be met.
The final decision on the gold miner’s application under the FTA is scheduled for 29 October 2026. Santana Minerals is aiming for first gold production in early 2028.
What did Santana Minerals management say?
Commenting on the land purchase consent sending the ASX 300 gold stock soaring today, Santana Minerals CEO Damian Spring said, “This decision is a strong signal that New Zealand is open to foreign investment and recognises the importance of responsible mineral development for regional and national prosperity.”
Spring added:
Ownership of the land, together with a granted 30-year mining permit from New Zealand Petroleum and Minerals, provides long-term certainty for the project and enables Santana to responsibly develop the value of the Bendigo-Ophir Gold Project for employees, local businesses, the New Zealand government and shareholders alike.
Importantly, it also supports the delivery of a lasting environmental legacy through predator-proof sanctuaries and large-scale ecological enhancement initiatives for generations to come.
The post Guess which ASX 300 gold stock is lifting off today on big New Zealand news appeared first on The Motley Fool Australia.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.