The dredge is situated south-west of the township of Eldorado, in the parish of Byawatha, 10 miles from Wangaratta in north-eastern Victoria. In mid 1935, the Thompson Engineering Company of Castlemaine, commenced construction of this, the largest dredge of its kind in Australia. The dredge was constructed in Castlemaine and assembled at the mine site. The construction was commissioned by Cocks Eldorado Gold Dredging No Liability, a Melbourne based company, and the dredge was officially opened by the Minister for Mines on 1 May 1936. The gold and tin mining dredge at Eldorado is considered of sufficient importance as a relic of Australia's industrial history to warrant it being recommended to the Minister for addition to the Register.