Beaconsfield Gold Mine formally acquired by NQ Minerals
Tasmania’s famous Beaconsfield Gold Mine is set to spring back into action under new ownership formalised today.
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TASMANIA’S most famous gold mine officially has a new owner, and work will start immediately to bring it back into production.
NQ Minerals, which also owns Hellyer mine on the state’s North-West coast, has announced it has formally taken possession of the Beaconsfield Gold Mine.
The company says 483,000 ounces of gold still exists in the lower part of the mine, and its long-term future is robust as long as the gold price remains strong.
“We are looking forward to bringing it back into production as soon as we are able,” NQ Minerals chairman David Lenigas said.
“The mine has a long and rich history in northern Tasmania, and we understand the importance of this heritage to all Tasmanians.
“Since the tragic rockfall in 2006, the mine has been in care and maintenance, bringing with it a loss of local jobs and economic activity in Beaconsfield and surrounding towns.
“We look forward to bringing the jobs and economic activity back and becoming involved with the community, in the process employing local people.”
The processing plant will be refurbished with a view to start recovering gold from the multitude of old workings, along with some of the estimated 67,000 ounces of gold in Tailings Dam number one.
The first gold pour at the historic mine is earmarked for the end of 2020 or early 2021.
“We don’t underestimate the challenges ahead, but there is a great pool of local talent in the area that will assist us,” Mr Lenigas said.
NQ Minerals expects to employ 250 people at Beaconsfield once the mine is operational again.
Production at the mine recommenced in 1998 after 84 years of inactivity. In total 1.8 million ounces of gold has been recovered since 1877.
Underground mining ceased at Beaconsfield in 2012, primarily due to the low gold price at the time.
Today’s gold price is now more than double what it was then.
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