Tennant Mines repays its $10 million concessional loan 16 months early, demonstrating strong confidence in the Finocchiaro CLP Government's investment.The Nobles Gold Mine project is delivering major economic benefits, unlocking more than $80 million in private investment and supporting local jobs and suppliers.Gold production is now in full swing, cementing the Barkly as a leading mining hub and strengthening the Territory's position in minerals processing.
The Finocchiaro CLP Government's year of growth, certainty and security has been reinforced by Tennant Mines repaying its $10 million Northern Territory Government Concessional Loan 16 months early. The loan, issued in December 2023, supported the re‑establishment of the Nobles Gold Mine project and construction of a 70,000‑tonne‑per‑month processing facility.
Minister for Trade, Business and Asian Relations, Robyn Cahill, said the early repayment shows strong confidence in the Territory's investment environment and the Government's commitment to rebuild the economy. "The Finocchiaro CLP Government's concessional loan was key in securing significant private investment to deliver this $94 million project in the Barkly," Minister Cahill said.
"To rebuild the economy, we are investing in initiatives that strengthen our competitive advantages and remove barriers to growth. Tennant Mines' early repayment is a strong endorsement of the Territory as a place to invest and do business."
Since April 2024, Tennant Mines has spent $21.5 million with 252 Territory suppliers, $12.2 million with 116 Barkly suppliers, and $2.1 million with 30 Aboriginal businesses. The company employs 56 staff, including 45 in Tennant Creek, and a further 158 contractor roles have been created locally. The project has also unlocked more than $80 million in private investment.
Tennant Mines is now in full production, with capacity to produce up to 60,000 ounces of gold per year, increasing to around 100,000 ounces as operations expand. Parent company Pan African Resources PLC continues exploration across its Barkly tenements and is progressing feasibility work at the Warrego project.
Tennant Mines Managing Director, Peter Main, said the partnership with the Territory has delivered strong outcomes for the region. "We are proud to repay this loan early and proud of what we have achieved for the Barkly and Territory communities through employment and working with local suppliers," Mr Main said.
"We look forward to being part of a bright, sustainable future for the Barkly."
The Nobles Gold Mine project has revitalised the Barkly as a leading mining hub and strengthened the Territory's position as a competitive destination for minerals processing and advanced manufacturing.
