Tennant Mining will begin developing its Nobles Gold Mine Project, and the Northern Territory Government is supporting the recommencing of large-scale gold mining in Tennant Creek.
Civil works on the project are getting underway, with major construction activities and commissioning expected to be completed in the second quarter of 2025. Gold production at the Nobles Gold Mine is anticipated to begin in the third quarter of 2025.
Tennant Mining estimates the Nobles Gold Mine to produce an average of 65,000 ounces of gold annually, with this precious metal currently sitting above $3,500 per ounce.
The Nobles Gold Mine Project will initially focus on stockpiles and tailings at the Nobles open pit before the development of an open cut and underground mines gets underway.
The first phase of this project will extend over eight years and an ongoing exploration program across the Tennant Creek Mineral Field extending its lifespan to over 15 years.
Tennant Mining is also building a gold processing facility about 14 kilometres outside Tennant Creek. This facility will enable gold to be mined and processed onsite, ready for the market.
The $94 million Nobles Gold Mine Project is expected to create more than 80 new jobs during its construction and a further 160 ongoing jobs once mine operations ramp up during its first two years of production.
This large-scale gold mining project is expected to inject up to $69.9 million into the Northern Territory economy each year.
The Mining and Manufacturing sector in the Northern Territory is currently worth $6.9 billion and employs approximately 9,000 Territorians. These figures are expected to grow as new major mining projects reach Final Investment Decision (FID).
The Northern Territory Government has supported Tennant Mining to reach FID and begin construction on the new processing facility through a $10 million loan which, in turn, enabled the project to come to fruition in two years and unlocking significant private investment that fast-tracked FID achievement.
“We’re backing projects like the Nobles Gold Mine Project and its processing facilities because it will create hundreds of work opportunities for Territorians and deliver a major boost to the Territory’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.
“We’ve supported this project through the Mineral Development Taskforce and the Local Jobs Fund as we continue to grow the Territory’s economy and create new working opportunities for Territorians,” Minister for Mining Mark Monaghan said.
Source: Northern Territory Government Newsroom; ABC News; Australian Mining