A boost for Northern Territory development
Pan African Resources’ acquisition of Tennant Consolidated Mining Group has been welcomed by the Northern Territory Government.
Tennant Mining is in the middle of building a gold processing plant at Nobles Nob in Warumungu. The plant is due to be completed in mid-2025, with first gold produced in the second half of the year.
Pan African Resources’ acquisition is set to underpin the plant development, accelerating the revitalisation of the region as a mining hub.
“This represents a huge vote of confidence in the Barkly region and reinforces the Territory’s position as an attractive, globally competitive mining destination,” NT Minister for Mining Gerard Maley said.
The project will support 160 jobs and has gold resources totalling 1.3 million ounces. There is also the potential for further resource growth in the area.
“The major benefit of the deal is the access Tennant Mining will have to international financial and technical expertise, along with the backing of a mid-tier gold miner worth more than $1.3 billion,” NT Minister for Trade Robyn Cahill said.
“This means the creation of more jobs in the region and increased economic benefits flowing back into the Territory economy.”
The NT Government backed Tennant Mining with a $10 million Local Jobs Fund loan in December 2023 to support the project while helping the company unlock and secure investment equity.