Tennant Mining to resume ‘large-scale’ gold mining in Northern Territory
Privately held gold and copper-focused company Tennant Mining is set to resume ‘large-scale’ gold mining in the Northern Territory as construction of the Nobles Gold Mine Project gets underway. Civil works are currently in progress at Nobles, while construction and commissioning is expected to be completed in the second quarter of 2025. Gold production is anticipated to begin the following quarter.
Tennant Mining says the initial focus will be on mining stockpiles and tailings at the site, followed by the development of open cut and underground mines.
Phase one of the project is expected to last eight years, with an ongoing exploration program across the Tennant Creek Mineral Field designed to extend the project’s lifespan to more than 15 years.
The Northern Territory Government says the Nobles Mine is expected to be worth $69.9 million to the state’s economy each year.
Nobles is forecast to produce an average of 65,000 ounces of gold per year, with the gold spot price currently sitting at $3,535.33 per ounce, according to ABC Bullion.
The gold industry in the state had an estimated production value of $2.2 billion in the 2022-23 financial year.
Further, the $94 million project is expected to create more than 80 new jobs during construction and more than 160 ongoing jobs after operations ramp up over the first two years of production.
Minister for Mining Mark Monaghan says the government is supporting the Nobles Gold Mine Project and its processing facilities because it will create more work opportunities and further boost the state’s economy.
“The resources and mining sector is critical to the Territory’s economy and that’s why we are working with companies so they can grow and deliver the biggest benefits to the Territory,” he says.
Northern Territory’s mining and manufacturing sector is worth $6.9 billion and employs nearly 9,000 locals. The government says these figures are anticipated to grow as new mining projects reach final investment decisions.
Tennant Mining is building a gold processing facility that lies 14km outside of Tennant Creek, which will enable the gold to be mined and processed onsite ready for market. Construction of the facility is supported by a $10 million loan from the Northern Territory Government.
Source: https://mining.com.au/