Toitū Te Whenua Land Information New Zealand recently confirmed consent had been granted under the Overseas Investment Act for the company to acquire a freehold interest in 2,039.774ha on Four Mile Rd for $11.25m.
Part of the land would be used to expand the mine which adjoined the land and the remainder would be leased back to local farmers.
The land was sold by the Mount Highlay Trust.
Oceana Gold has been planning a major expansion of the mine and its application to the fast-track process outlined how it would expand, in stages, the existing open pit and underground operations to enable output of about 130,000 ounces a year to 2036.
The decision states the main benefits to New Zealand of the land acquisition were likely to include economic benefits arising from capital expenditure, a significant number of permanent jobs, increased export returns and increased tax and royalty revenues.
The investment also advanced government policy by supporting New Zealand’s "Minerals Strategy for 2040", a plan launched last year to boost the sector.
Consent was granted as the applicant had met the investor test criterion and the investment was likely to benefit New Zealand.
Oceana Gold recently reported its quarterly and full-year results for the year ended December 31 and president and chief executive Gerard Bond described it as a "stellar year" which included record financial outcomes and shareholder returns.
Full-year production of 497,600 ounces of gold was above the mid-point of guidance.
It produced 157,400 ounces of gold and 3,200 tonnes of copper in the fourth quarter, an increase of gold production of 52% from the prior quarter.
There was record quarterly revenue of $US652m ($NZ1.09 billion) at a record average realised gold price of $US4227 ($NZ7110) per ounce.
Looking ahead to 2026, the company expected higher production, lower unit costs and another year of strong free cash flow in the current gold price environment.
It was increasing its investment in exploration by 50% to a company record, in pursuit of high return options.
