New Zealand is ranked first in Oceania, ahead of Australia, on the Fraser Index Annual Survey of Mining companies, and Santana Minerals' (ASX:SMI, NZE:SMI) project is the biggest gold discovery in 40 years in the country, ready to be developed, Euroz Hartleys said in a note on Thursday.

Oceana Gold, whose WKP project on the North Island was the first mining project to enter New Zealand's Fast Track system, received a draft decision and conditions indicating a provisional intention to grant Fast Track approvals for the project.

The development indicates that the sentiment around mining in New Zealand is shifting.

The investment firm retained its buy recommendation and raised the price target to AU$1.69 per share from AU$1.58 per share.