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NQ Minerals plans to restart the Beaconsfield gold mine after signing a $2 million deal for the high-grade Tasmanian site.

The new deal is just one of many recent additions to Australia’s recent gold mining boom.

“As from today, NQ and its engineering consultant teams commence an extensive due diligence program on Beaconsfield as part of the acquisition agreement,” NQ chairman David Lenigas said.

“NQ will be working with its consultants and relevant government departments in Tasmania to assess and ascertain what is required to re-open Beaconsfield as soon as possible.”

Beaconsfield gold mine was decommissioned in 2012.

Prior to its closure, the mine produced nearly two million ounces of gold between 1887 and 2012.

Beaconsfield’s previous operator BCD Resources had reported that the mine underground reserves and resources totalled 336, 514 ounces of gold.

There are large areas of the mine’s gold deposits that remain unexplored, according to NQ.

“Acquiring an established gold processing plant for a fraction of the cost to build and permit a new one, not to mention the typical lead time associated with permitting a new facility in Tasmania is an exciting opportunity,” Lenigas said.

“Recent notable successes in re-assessing new potential around historic high-grade gold mining centres has seen significant value add for investors at projects like Fosterville in Victoria and Bellevue in Western Australia.

“In this regard, we believe that Beaconsfield offers a genuine opportunity for the company to develop a high-quality gold asset.

“The opportunity to bring Beaconsfield back into operation reinforces and builds on NQ’s existing activities, commitment to, and strategy in Tasmania.”

NQ’s deal gives the company full possession of Beaconsfield gold mine, including the processing plant, mining leases and tailings dams.

The transaction is set to be completed by June this year.