Pan African Resources’ acquisition of Tennant Consolidated Mining Group is set to kickstart the revitalisation of the region as a leading mining hub.
Tennant Mining is currently constructing a gold processing plant at Nobles Nob. It is expected to be completed by mid-2025, and first gold produced in the second half of 2025.
Northern Territory 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.”
Pan African Resources is based in South Africa and is listed on the Johannesburg and London stock exchanges. The 100 per cent acquisition marks PAR’s first venture into the Australian market.
Pan African Resources has announced plans for an initial eight-year mine life at Nobles Nob, producing 50,000oz of gold annually 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, with the potential for further resource growth.
Pan African Resources has multiple operating gold mines and tailings reprocessing operations in South Africa, producing around 200,000oz of gold annually.
In December 2023, the Northern Territory Government backed Tennant Mining with a $10 million Local Jobs Fund loan to support its project and help the company unlock and secure private investment equity.
Northern Territory Minister for Trade, Business and Asian Relations, Robyn Cahill, said that the deal’s major benefit is the access Tennant Mining will have to international financial and technical expertise, along with the backing of a mid-tier gold miner valued at 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.”
