Large-scale gold mine set to reopen
Tennant Mining is set to resume ‘large-scale’ gold mining in Australia’s Northern Territory as construction of the Nobles Gold Mine Project gets underway – a project expected to be worth $69.9 million to the Territory economy each year.
Civil works are getting underway at the Nobles Gold Mine Project, with construction and commissioning to be completed in the second quarter of 2025. Gold production is expected to commence in the third quarter of 2025.
The gold industry in the Territory had an estimated production value of $2.2 billion in the 2022-23 financial year.
Tennant Mining’s project is forecast to produce an average of 65,000 ounces of gold yearly, with the precious metal selling above AUD $3,600 per ounce as at 28 August.
It will initially focus on mining stockpiles and tailings at Tennant Mining’s Nobles open pit mine before the development of open cut and underground mines get underway.
The first phase of the project is expected to extend over a period of eight years, with an ongoing exploration program across the Tennant Creek Mineral Field extending its lifespan to more than 15 years.
Tennant Mining is building a gold processing facility about 14kms outside Tennant Creek, which will enable the gold to be mined and processed onsite ready for market.
The $94 million project is expected to create more than 80 new working opportunities for Territorians during construction and more than 160 ongoing jobs after operations ramp up over the first two years of production.
Currently, the Mining and Manufacturing sector in the Northern Territory is worth $6.9 billion and employs nearly 9,000 Territorians with figures expected to grow as a new major mining projects reach Final Investment Decision (FID).
Tennant Mining reached FID and commenced construction on the new processing facility through a $10 million loan supported by the Northern Territory Government’s Local Jobs Fund. This loan in turn enabled the project to come to fruition in two years, unlocking significant private investment which accelerated FID achievement.