Chatree Gold Mine, July 2021 Source: Kingsgate Consolidated
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  • Kingsgate Consolidated (KCN) receives its first tranche of funds to restart the Chatree Gold Mine in Thailand
  • The company reported funds totalling US$7.5 million (A$10.7 million) from the Taurus Mining Finance Fund No.2 L.P hit its account today
  • Kingsgate plans to use the cash to appoint an international engineering firm to refurbish its project, along with appointing key technical staff
  • Chatree was once the largest gold mine in the country, and following years of litigation, the Thai government has agreed to allow Kingsgate to restart project operations
  • Kingsgate Consolidated is steady on the market with shares trading at $1.36

Kingsgate Consolidated (KCN) has received its first tranche of funds to restart the Chatree Gold Mine in Thailand.

The company reported funds totalling US$7.5 million (A$10.7 million) from the Taurus Mining Finance Fund No.2 L.P has hit its account.

Kingsgate first flagged the US$15 million bridge facility with Taurus in March, saying it expected to draw the first funds from the deal before the end of April.

With the funds now received, Kingsgate plans to appoint an international engineering firm to refurbish its project, along with appointing key technical staff to the project.

Meanwhile, Kingsgate has been negotiating a US$30 million project facility with the lender to replace the bridge facility, to ensure it has enough capital to fully fund the refurbishment and restart of Chatree.

The proposed project facility remains subject to approval and further due diligence.   

The process to restart the project has been a battle for more than half a decade for the company. Chatree was once the largest gold mine in the country, and following years of litigation, the Thai government agreed to allow Kingsgate to restart Chatree operations in September 2021.

Kingsgate Consolidated was steady on the market with shares trading at $1.36 at 12:31 pm AEST.

KCN by the numbers
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