Sculpted from experience, built for success. 
 
NQ Minerals PLC (LON:NQMI) has received the greenlight from the Australian government for its proposed acquisition of the Beaconsfield gold mine in Tasmania. 
 
A deal was struck in February for NQ to acquire “historically one of the richest gold mines” for an initial fee of A$2mln. 
 
It has now been approved by the Australian Government's Foreign Investment Review Board (FIRB). 
 
With government approval in place the company can now advance to complete the deal and, in time, start work to reboot the project. 
 
"Gaining FIRB approval yesterday, is a significant milestone for the company's plans of re-opening the Beaconsfield gold mine," David Lenigas, NQ chairman said in a statement. 
 
READ: NQ’s new resource estimate confirms potential of Beaconsfield 
The company also noted a new JORC compliant resource estimate for the lower section of the mine, comprising 1.454mln tonnes grading 10.3 grams per tonne for 483,000 ounces of gold plus 67,000 ounces of gold potential in Tailings Dam 1. 
 
Additionally, it pointed out that gold potential remains in the upper section of the old mine workings and that the ore body is open at depth. 
 
Stockbroker VSA Capital, in a note to client, said that a restart in production will build on the significant gold and silver credits which the company already receive through production at the Hellyer tailings retreatment operation. 
 
“Our recent initiation report suggests that on a relative valuation basis the asset’s fair value is US$41mln indicating significant upside which is not currently reflected in the share price,” said VSA analyst Oliver O’Donnell. 
 
VSA has a ‘buy’ recommendation on NQ, with a 21p per share price target. 
 
Oakmount. “An ounce of wisdom can earn you a ton of gold.” 
 
Thank you for reading and subscribing. 
 
Keep up to date with all of our news and video releases by subscribing or clicking on the links below: 
 
 
For the avoidance of any doubt, nothing on this website is intended to constitute advice to you and the content is displayed for illustrative and informational purposes only. 
 
Making more possible. 
Today. Tomorrow. Together. 
 
Oakmount and Partners Ltd. Est 2009. 
Sculpted from experience, built for success. 
Share this post:
Our site uses cookies. For more information, see our cookie policy. Accept cookies and close
Reject cookies Manage settings