Debt-burdened NQ Minerals entered administration after a board vote, saying that gave it the "necessary breathing room" to consider all restructuring options.

Hellyer Gold Mines director Steve White said it was business as usual at the tailings reprocessing operation.

Mr White said HGM was a trading entity in its own right and did not have borrowings owed to NQ.

He said HGM ran as an independent business with its own finance and continued to deliver strong quarterly results, "with impressive revenues and profits generated by its operations".

Hellyer achieved an $11 million operating profit and $5.7 million in net income from $19.8 million of gross revenue in the June quarter.

Mr White said NQ Minerals' issues related to corporate debt, rather than project-specific debt.

Hellyer representatives had contacted stakeholders and trading partners in recent days.

Beaconsfield Gold Mine company Pieman Resources said development of the project was still processing.

Director Pierre Richard said it was a sound development opportunity and operating as usual.

He said Pieman Resources was a trading entity in its own right and not dependent on financial support from NQ.

Dr Richard said work to identify more sources of gold to support the mine's restart was continuing.

Pieman Resources said more than $7 million had been spent on the Beaconsfield project since NQ acquired it in 2020.

It said rehabilitation of the Beaconsfield Wetlands was scheduled to be completed by the end of 2022.

The company has been removing gold-bearing material dumped in the wetlands during past mining operations.

It aims to extract the gold.

As with the tailings reprocessing at Hellyer, the project is expected to lead to environmental improvements.

EARLIER: Debt-riddled Beaconsfield Gold Mine owner NQ Minerals has gone into administration, but says its Tasmanian operations are continuing to trade.

Sale of the famed Beaconsfield mine and/or NQ's money-making tailings reprocessing operation at Hellyer, west of Cradle Mountain, are looking increasingly likely.

UK-based NQ said it had been put in administration after a unanimous vote by directors.

"Over the last few months, the directors have explored multiple avenues to keep the company trading," it said.

"However, as of today, the directors' conclusion, supported by the advice of the restructuring specialists, is that putting the company into administration is the best available option to protect the interests of all stakeholders.

"The intractable problem has proved to be the restructuring of high levels of debt accumulated over the previous years by NQ Minerals Plc.

"Accordingly, the company has been placed into administration to provide the necessary breathing room for all restructuring options to be considered.

"The underlying operating companies continue to trade in their normal course of business, and the underlying Hellyer operations continue to perform."

A state government spokesperson said: "While this is a matter for the company, the government, through Mineral Resources Tasmania, is closely monitoring the situation."