Friday, August 28, 2009
Tennant Creek, Northern Territory
Tennant Creek is a small, mainly Aboriginal township of about 3500 people, 1000 kilometres south of Darwin. The town has a goldmining history and mining for gold and other valuable minerals, like manganese and copper, has been successful in the past.
A report announced this week that mining company Emmerson Resources has signed an agreement with Ivanhoe Australia (Canadian owned) who will give them substancial financial and technical resources for gold exploration. As part of the agreement, Ivanhoe will solely fund $18 million of expenditure over a maximum of three years, gaining a 51% interest in the majority of Emmerson’s tenements.
The town is surrounded to the east by the Barkly Tablelands - a vast expanse of land that supports some of Australia’s most successful outback cattle stations. The properties are huge, generally company-owned and very productive.