Santana Minerals (ASX:SMI, NZE:SMI) said the New Zealand Parliament passed the second reading of the Fast-track Approvals bill, bringing the proposed legislation closer to becoming law, according to a Monday filing with the Australian bourse.

Once the bill is passed, the company is expected to submit its requirements for the fast-track process for the Bendigo-Ophir project by February 2025, the filing said.

The review period for approvals is expected to be 120 days, but may be extended as appropriate, according to the filing.

Santana Minerals shares rose 9% in midday trade in Australia and fell 4% in New Zealand.