Kingsgate weighs legal options at Chatree
PERTH (miningweekly.com) – Gold miner Kingsgate Consolidated is pursuing a "range of potential remedies" in regards to its Chatree gold mine, in Thailand, including legal and diplomatic options.
In May this year, the Thai government announced that the Chatree mine had to cease operations by the end of December. While not giving any reason for the forced closure, the government has said that the decision to suspend operations at the mine is in no way a reflection on the way that Kingsgate operated the mine.
The gold miner reported on Thursday that the Thai government’s decision to close down the Chatree operation had "irrevocably" damaged the company and its Thai subsidiary Akara Resources’ business and reputations.
Kingsgate is now seeking compensation on behalf of shareholders for the "material impact" that the decision has had on the company, as the company’s share trading remains suspended.
During the year ended June, the Chatree gold mine delivered 97 510 oz of gold for Kingsgate, contributing to the group production of 146 502 oz of gold. The remainder of the gold was sourced from the Challenger mine, in South Australia.
The Challenger mine was sold in October last year for a cash consideration of A$1-million and a royalty of A$25/oz on gold production from the mine above 30 000 oz.
With the sale of the Challenger gold mine during the full year under review, Kingsgate reported a 19.1% decline in revenues for the full year, down from A$313-million in 2015 to A$253-million.
The net loss after tax also increased from the A$147-million reported in the 2015 financial year to a loss of A$229-million in the year ending June.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
