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.
