Base and precious metals producer NQ Minerals has signed all necessary agreements to acquire and take immediate possession of the Beaconsfield Gold Mine in Tasmania, Australia.

Two weeks ago, the company received approval from the Government of Australia for its proposed acquisition of the Beaconsfield mine.

In February this year, NQ Minerals signed a staged acquisition agreement to purchase 100% interest in the Beaconsfield gold mine for A$2m ($1.32m).

Located about 40km north-west of Launceston in the Beaconsfield town in Tasmania, the mine is 200km from the company’s Hellyer base and precious metals operations.

The Beaconsfield gold mine has previously produced some three million ounces (Moz) of gold between 1887 and 2012 grading 15g per tonne (g/t). It was closed in 2012 due to the low price of the metal during that time.

NQ plans to recommission the gold processing facility, which is currently under maintenance, and re-open the mine by developing a new mine decline access into the Beaconsfield mine.

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By GlobalData

According to the company, this decline will be capable of moving large mining equipment and men, as well as materials and rock from the surface to anywhere within the mine.

NQ Minerals chairman David Lenigas said: “Beaconsfield is an exceptional high-grade gold asset and will provide a solid platform to bring the Company’s second mine in Australia into production.

“The company is now focused on bringing the Beaconsfield gold processing plant back into operational status as soon as practicable. The mine has a long and rich history in Northern Tasmania, and we understand the importance of this heritage.”

In August last year, NQ Minerals announced its investment in private mining company Tasmania Energy Metals, which is expected to enhance its operations and prospects.