NQ Minerals Plc has now signed all necessary agreements and made the necessary payments to purchase and take immediate possession of the high-grade and historic Beaconsfield gold mine in Tasmania, Australia. The mine has historic recorded production of 1.8 million ounces (oz) of gold averaging 15 grams per metric ton (g/mt) and was closed in 2012 due to the low gold price at that time, the company said. The gold price has since increased by more than 100% and the company said it plans to reopen the mine as soon as practicably possible.

NQ plans to recommission the gold processing plant, which is currently under care and maintenance, and reopen the mine by developing a new modern mine decline access into the Beaconsfield mine from the surface to reconnect into the existing mine workings at the lower section of the orebody, which comprises all of the current stated gold resources.

NQ is currently increasing production at its flagship Hellyer gold mine in Tasmania, Australia.

NQ also recently announced a new JORC-compliant mineral resource estimate of the lower section of the Beaconsfield gold mine of 1.454 million mt grading 10.3 g/mt for 483,000 oz of gold. Significant additional gold potential is still to be assessed in the upper section of the old workings.