Gold developer Santana Minerals is poised to become one of the first major beneficiaries of New Zealand’s new fast-track permitting regime, with its Rise and Shine (RAS) deposit eligible for approval within six months of submission.

The legislative overhaul, which was ratified in December, has propelled New Zealand to the twelfth-highest ranked jurisdiction in the recently released Fraser Institute’s rankings for mining investment attractiveness, overtaking every Australian state.

Santana’s Bendigo-Ophir project in Central Otago is among a select number of developments listed in the government’s fast-track consent pathway, with the company now only “weeks away” from submitting its final application.

“New Zealand is now proudly New Zealand – no longer just the ‘eighth state of Australia’ – because it’s actually different,” said Santana executive director and chief development officer Sam Smith, noting that the permitting certainty had transformed the country’s investment appeal.

At the heart of the Bendigo-Ophir project is the RAS deposit, which contains two-million ounces at 2.4 g/t, with robust grade continuity and near-surface access. Smith described it as a discovery of “national significance”.

“It’s the most significant gold discovery in New Zealand in over 40 years,” he said at the Diggers and Dealers conference in Kalgoorlie this week.

The prefeasibility study, released in July, outlines a 13.5-year mine life, a $250-million development capital expenditure and $2.5-billion in free cash flow at a gold price of $4 950/oz. The mine will operate initially as an openpit before transitioning underground in year seven.

Santana is targeting first gold in second quarter of 2027, with construction expected to start in early 2026. The project benefits from access to green hydroelectric power, fresh water, local infrastructure and a residential workforce - eliminating the need for fly in, fly out operations and major camps.

With A$47.5-million in cash, the company is fully funded through to a mining decision.

Beyond RAS, Santana holds 30 km of prospective strike along the Thompson Gorge fault, with several other gold anomalies identified. The company is actively exploring to replicate the success of its flagship deposit.

Smith also emphasised the broader regional impact of the project. “Every family in Cromwell, Wanaka and Alexandra will either have somebody or know somebody that works for this project in years to come,” he said.