Kingsgate mulls Thailand IPO deferral
PERTH (miningweekly.com) – Gold miner Kingsgate Consolidated is contemplating the deferral of an initial public offering (IPO) in Thailand, after learning that the Thai Securities and Exchange Commission has rejected its application for an IPO.
The company on Monday said it had been in correspondence with the Securities and Exchange Commission to soothe concerns over the temporary closure of the Chatree mining complex in January, and in relation to a corporate governance issue.
Mining activities at the Chatree mine had resumed in March after Thai authorities lifted a temporary suspension order, which was issued after random urine and blood tests of villagers living near the mine revealed above-standard arsenic and manganese levels.
A subsequent environmental report has confirmed that the Chatree operation was not the source or cause of the elevated arsenic and manganese levels.
Kingsgate further said it was seeking urgent clarification from the Securities and Exchange Commission in relation to the rejection of the IPO application.
Meanwhile, the company was also fending off Thai media allegations regarding alleged corrupt conduct.
Kingsgate CEO Greg Foulis noted that the company and its operations were subject to a range of laws and government regulations and policies applicable in Australia, as well as a number of other foreign jurisdictions.
These regulations included matters such as land use, employee health and safety, rehabilitation of mining properties, environmental damage and pollution and payments to government officials.
Foulis said the company was not aware of any basis for an investigation into the alleged corruption.
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