Santana Minerals has announced that its subsidiary, Matakanui Gold, has entered into a binding agreement to acquire Ardgour Station land, which has competing land uses over part of the Bendigo-Ophir Gold Project.
The acquisition, valued at $25 million, is subject to Overseas Investment Office approval.
It includes four land records of title covering 2,880 hectares, as well as all irrigable lands, water rights and infrastructure.
The acquisition will nullify a 1% gross production royalty over certain deposits and provide freehold ownership of the proposed process plant and infrastructure location.
Part of the transaction, worth $5m, will be settled in shares of Santana Minerals.
Settlement is contingent on getting project consents under the Fast Track Approvals Act.
Santana also retains the right to extend the settlement if there are delays in obtaining FTA consents.
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