Deputy Chief Minister
Minister for Mining and Energy
Robyn Cahill
Minister for Trade, Business and Asian Relations
Joint Media Release
Global investment strengthens Tennant Creek's mining future
7 November 2024
The CLP Government has welcomed news that global mining giant Pan African Resources has acquired Tennant Consolidated Mining Group, signalling a significant boost for regional economic development.
Minister for Mining and Energy Gerard Maley said: "This represents a huge vote of confidence in the Barkly region and reinforces the Territory's position as an attractive, globally competitive mining destination."
"The CLP came to Government firmly focused on rebuilding the Territory's economy, and this announcement shows that confidence in the NT is taking off," he said.
Tennant Mining is currently constructing a gold processing plant at Nobles Nob, due to be complete in mid-2025, with first gold produced in the second half of 2025.
This acquisition will underpin the Nobles Nob development and is set to accelerate the revitalisation of region as a leading mining hub.
Pan African Resources has announced plans for an initial eight-year mine life at Nobles Nob, producing 50,000 ounces of gold a year in the Tennant Creek region.
The project, which will support about 160 jobs in the region, currently has gold resources totalling 1.3 million ounces of gold, with potential for further resource growth.
The company has multiple operating gold mines and tailings reprocessing operations in South Africa, producing around 200,000 ounces of gold per year.
The NT Government backed Tennant Mining through a $10 million Local Jobs Fund loan last December to support its project and help the company unlock and secure private investment equity.
Minister for Trade, Business and Asian Relations Robyn Cahill said: "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 A$1.3 billion".
"The Local Jobs Fund has helped Tennant Mining unlock private investment, and this deal will see the acceleration of TCMG's growth and expansion plans in Tennant Creek. This means the creation of more jobs in the region and increased economic benefits flowing back into the Territory economy," she said.
Pan African Resources is based in South Africa and listed on Johannesburg and London stock exchanges.
The 100% acquisition marks PAR's first venture into the Australian market.
