Join our daily newsletter At The Bell to receive exclusive market insights
- Kingsgate Consolidated (KCN) officially reopens the Chatree gold mine in Thailand following a six-year battle with the Thai government
- The Department of Primary Industries and Mines (DPIM) recently completed its final reopening inspections of the mine under the Mineral Act 2017
- KCN Managing Director Jamie Gibson says the reopening of Chatree signals a new era for Kingsgate in Thailand
- Kingsgate, through Thai subsidiary Akara Resources, will now start works to bring plant two to its full production capacity and also carry out initial refurbishment works on plant one
- Shares in KCN are spiking 14.57 per cent to $1.73 at 11:57 am AEDT
Kingsgate Consolidated (KCN) has officially received the tick of approval to reopen the Chatree gold mine in Thailand.
It follows the recently completed final reopening inspections of the mine under the Mineral Act 2017 by the Thailand Department of Primary Industries and Mines (DPIM).
KCN Managing Director Jamie Gibson said the reopening of Chatree signalled a new era for Kingsgate in Thailand.
“We now have the opportunity to work with the Thai Government and local communities around the mine to make it the best version of Chatree we have ever seen,” Mr Gibson said.
Through its Thai subsidiary Akara Resources, Kingsgate aims to bring plant two to its full production capacity and undertake initial refurbishment works on plant one.
Kingsgate Executive Chairman Ross Smyth-Kirk said it was “truly remarkable” to see the reopening taking place.
“We have always believed that having the mine operate again is the best possible outcome, and I would like to personally thank all our loyal staff who have worked so hard to make this happen and all our loyal shareholders who have stuck with us through thick and thin over the past six years,” Mr Smyth-Kirk said.
It marks the start of a new chapter for Kingsgate after the mine was shut down in 2017 amid the halt of gold mining throughout Thailand.
Shares in KCN were spiking 14.57 per cent to $1.73 at 11:57 am AEDT.
