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Via ASX Online
FOR PUBLIC RELEASE
Manager
Companies Announcements Office
Australian Securities Exchange
Chatree Mine Recommences Gold Production
Kingsgate Consolidated Limited (Kingsgate) is pleased to announce that the temporary suspension order on the Chatree Mine has been lifted and operations resumed late on Friday 27 February. The mine is ramping up quickly to full capacity with the first gold pour expected today, Monday 2 March.
The shutdown period was used to undertake major maintenance tasks which were scheduled for later in the year thus reducing future downtime. With the strong December half year performance and flexibility in the current mining areas at Chatree, Kingsgate believes that Chatree is still likely to achieve full year gold production guidance.
Kingsgate has been working closely with the Thai authorities and the local community and has satisfied all their requests around the issue of slightly elevated arsenic and manganese levels identified in some local inhabitants during regular screening. This has included health checks and lifestyle education programs with a commitment to continue to assist with ongoing management of this community health issue.
Kingsgate commissioned a major environmental report by independent international and Thai scientific experts that confirmed that the Chatree Mining Operation was not the source or cause of the slightly elevated arsenic and manganese levels. The report was delivered to the Department of Industry and Mining (DPIM) and presented to the local authorities and the communities.
The strong position that Kingsgate finished the December half year has enabled it to comfortably cover the period of the stoppage at Chatree with only minimal effect on its financial position. On the date the temporary suspension order was implemented, available cash was around A$67 million. When the suspension was lifted, available cash was of the order of A$60 million and this was after a scheduled debt repayment in February and other working capital adjustments.
Kingsgate requests that the voluntary suspension of its securities be lifted by ASX with immediate effect and that trading in the Company's shares recommence today, Monday 2 March 2015.
Ross Smyth-Kirk
Executive Chairman
Kingsgate Consolidated Limited
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Kingsgate Consolidated Ltd
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PRODUCER |
CODE : KCN.AX |
ISIN : AU000000KCN1 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Kingsgate is a zinc and lead producing company based in Australia. Kingsgate produces zinc, lead, gold and silver in Thailand, develops lead, silver and zinc in Australia, and holds various exploration projects in Australia. Its main asset in production is CHATREE in Thailand and its main asset in development is BOWDENS in Australia. Kingsgate is listed in Australia, in Germany and in United States of America. Its market capitalisation is AU$ 334.3 millions as of today (US$ 241.2 millions, € 211.3 millions). Its stock quote reached its highest recent level on January 07, 2011 at AU$ 9.90, and its lowest recent point on October 21, 2016 at AU$ 0.13. Kingsgate has 223 580 000 shares outstanding. |