Tasmania's Beaconsfield gold mine, the site of a deadly underground collapse and miraculous rescue 14 years ago, will return to operations under a new owner.
Australian-based company NQ Minerals announced on Monday it had formally acquired the mine in the island state's north.
The mine was closed in 2012 due to a low gold price but the company says it plans to reopen as soon as practically possible.
In 2006, workmates Todd Russell and Brant Webb were trapped by a rockfall which claimed the life of colleague Larry Knight.
The pair were found alive five days after the collapse and were brought to the surface having spent almost two weeks underground in a rescue that captured global attention.
"The mine has a long and rich history in northern Tasmania, and we understand the importance of this heritage," NQ Minerals Chairman David Lenigas said in a statement.
"We are looking forward to bringing jobs and economic activity back to Beaconsfield."
NQ Minerals, which also owns Hellyer Gold Mine on Tasmania's west coast, says 483,000 ounces of gold are in the lower section of the mine.
The company announced in February it was buying the mine for $2 million.
"(This) presents an exciting new future for Beaconsfield and the surrounding region, especially the communities and families that the mine supports," state Minister for Resources Guy Barnett said.
Almost two million ounces of gold have been taken from the mine under previous operations from 1887 to 2012.
NQ Minerals plans to develop modern access into the mine and reconnect with existing workings at 430 metres below ground.
Australian Associated Press