The improvement in New Zealand's ranking in the Fraser Institute Survey of Mining Companies to 12th out of 82 jurisdictions could help address investor concerns and boost the Santana Minerals (ASX:SMI, NZE:SMI) stock, Euroz Hartleys said in a Wednesday note.
With its high grade, scale, proximity to infrastructure, and labor access, Santana Minerals is considered one of the most appealing gold development stories on the Australian Securities Exchange, according to the advisory firm.
The Fraser Institute Survey is seen as a benchmark for assessing the ease of investment in the resources sector, the note said.
Western Australia, previously ranked 4th, has fallen to 17th in the index.
Euroz Hartleys maintained a speculative buy recommendation and a target price of AU$1.14 per share for Santana Minerals.
The company's Australian shares fell past 4% in recent Thursday trade, while its New Zealand shares were down 3%.
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