Global mining giant invests in Tennant Mining
Global mining giant Pan African Resources has acquired Tennant Consolidated Mining Group (Tennant Mining), signalling a significant boost for regional economic development.
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 the Barkly region as a leading mining hub and reinforces the Territory’s position as an attractive, globally competitive mining destination.
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 Northern Territory 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.
A NTG spokesperson 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.”
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.