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NQ Minerals agrees to acquire historic Beaconsfield gold mine

The firm has acquired “one of the richest gold mines” which closed back in 2012 and now presents an opportunity to build a new operation

NQ Minerals PLC - NQ Minerals agrees to acquire historic Beaconsfield gold mine

NQ Minerals PLC (NEX:NQMI) (OTCMTS:NQMLF) has struck a deal to buy the Beaconsfield gold mine in Tasmania for an initial fee of A$2mln.

The property, described as “historically one of the richest gold mines” in the region, previously produced some 3mln ounces of gold between 1887 and 2012, and, prior to its close, was estimated to host 1.01mln tonnes of resources at a gold grade of 10.35 grams per tonne, for a total of 336,514 ounces.

It includes a 350,000 tonne per year processing plant, tailings dam, infrastructure, property rights, mining leases and permits. The package also has some 593 hectares of mining leases over the ‘Tasmanian reef’.

READ: NQ Minerals secures rights to key areas near Tasmanian project

Beaconsfield is located some 200 kilometres from the company’s Hellyer base and precious metals operations.

David Lenigas, NQ’s chairman, described the acquisition as an “exciting opportunity”.

"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 which provides our shareholders with exposure to the potential near term re-opening of a high-grade gold operation in Tasmania,” Lenigas said in a statement.

“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."

Lenigas added: “As from today, NQ and its engineering consultant teams commence an extensive due diligence programme on Beaconsfield as part of the acquisition agreement.

“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.”

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Price: 5 GBX

NEX:NQMI
Market: NEX
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on 12/10/2019

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