Metal Tiger PLC (AIM:MTR) increase holding to 5.34% – Kingsgate Consolidated Limited(ASX:KCN)

 

 

KINGSGATE AND ITS THAI SUBSIDIARY, AKARA RESOURCES PUBLIC COMPANY LIMITED, OWN THE CHATREE GOLD MINE IN CENTRAL THAILAND

The Chatree Gold Mine (“Chatree”) is located in central Thailand, approximately 280 kilometres north of Bangkok. Chatree’s operations have historically been a large scale, low-grade, open pit gold mine.

Chatree was Thailand’s first and largest modern gold mine, and it commenced commercial operations in November 2001. Since then, Chatree has produced more than 1.8 million ounces of gold and more than 10 million ounces of silver.

Chatree has always had an outstanding occupational health & safety record coupled with stringent environmental controls that made it one of the world’s safest and best practice gold mines.

As a result, Chatree has received numerous awards for its impeccable health and safety record and environmentally sustainable operations.

However in May 2016, the Thai Government announced that all gold mining in Thailand would cease by 31 December 2016.

As a result, Chatree was placed on Care and Maintenance on 1 January 2017.

Since the announcement in May 2016, Kingsgate has been focussed on ways to remedy the situation. More information on the status of the Chatree Gold Mine can be found HERE.

 

Appendix 3C – Announcement of buy-back

Announcement of buy-back

The Board of the Company has for some time been concerned that the price of the Company’s shares on the stock market does not properly reflect the value of the Company’s assets. In accordance, we are pleased to announce a Share Buy-Back Scheme of up to 10% of the Company’s shares which the Company believes should increase the net asset backing per share, therefore providing a benefit to shareholders. Bell Potter Securities has been appointed to conduct the buy-back.

Ross Smyth-Kirk
Executive Chairman
Kingsgate Consolidated Limited

 

Chatree overview 

◻  Located in central Thailand, aprpoximately 280 kilometres north of Bangkok
◻  Produced over 1.8 million ounces of gold and more than 10 million ounces of silver since 2001
◻  Outstanding OH&S record throughout history of operations
◻  May 2016, the Thai Government orders all gold mining to cease by 31 December 2016
◻  Placed on Care and Maintenance on 1 January 2017
◻  Kingsgate is focussing on ways to remedy the situation

Owned by Kingsgate and it’s subsidiary, Akara Resources

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