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Beaconsfield Gold Mine to reopen

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An Australian mining company has finalised its takeover of northern Tasmania's Beaconsfield Gold Mine.

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

The company says it has now taken ownership of the mine and processing plant and work can commence on refurbishing the assets. It's hoped operations can resume by end of this year or early 2021.

Underground mining at the site ceased in 2012, due to the low gold price at the time - today’s gold price is now more than double.

It's estimated once the operation is up and running, around 250 people will be employed directly or indirectly.

In 2006, workmates Todd Russell and Brant Webb were trapped for two weeks underground by a rockfall which claimed the life of colleague Larry Knight.