NQ Minerals recently paid $2 million for the mine which has been shut down since the 2006 Anzac Day mine collapse.

Hellyer Mines general manager Richard Holder said the Beaconsfield mine's processing plant was undergoing a refurbishment at present.

He said this would be followed by a study of the underground to determine work required to restart the mine.

Mr Holder said significant work was required on the mine's shaft.

"We've defined an underground resource so now we're looking at the most optimal mine plan and configuration in order to make it the most cost-effective operation," he said.

Mr Holder said it was hoped stockpiles would be processed at the mine site by the end of the year.

Resources Minister Guy Barnett said mining and mineral processing were key to the state's post-coronavirus economic recovery, making up for half of Tasmania's overall exports.

He said the Beaconsfield mine would employ about 200 people when it was operational.

Mr Barnett said it would bring $80 million brought to the Northern Tasmanian economy each year.

Eleven mineral exploration grants for mining companies were announced on Sunday, worth $425,000.

"Exploration is absolutely essential to a successful mining and mineral processing sector," Mr Barnett said.

"This will deliver up to 60 per cent more in greenfield's exploration across Tasmania in those regional and rural areas."

He said the recent round of funding would support more than 5300 metres of exploration drilling for tin, gold, and base metals like copper, lead or zinc.

Exploration will take place at Brassey South, Renison North, Denison, Loyeta, Wart Hill, South Darwin and at Serpentine Ridge.

There is still about $800,000 in grants to be distributed over future funding rounds.

The Mining Exploration Grant Initiative provides up to $50,000 to companies to cover direct drilling costs and $20,000 for helicopter support.

The fifth round of grants will be opened for applications next year.

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