Kingsgate secures funds for Chatree restart
PERTH (miningweekly.com) – Gold miner Kingsgate Consolidated on Friday announced that it has secured a $15-million bridge facility from Taurus Mining Finance Fund to restart its Chatree gold mine, in Thailand.
Kingsgate told shareholders that the bridge facility will be used to finance general working capital, and costs associated with the recommissioning of the Chatree project, including long-lead items required for the mine and the recruitment of staff, as well as for regional exploration programmes.
The company expects the funds to be available for draw-down in April.
To ensure that it had adequate capital to fully fund the refurbishment and restart of Chatree, Kingsgate is also concurrently negotiating a Project Facility of $30-million with Taurus.
“Attaining this finance will enable the company to immediately start moving towards the restart of the Chatree gold mine as approved by the Thai government, and it has been achieved without diluting shareholders,” said executive chairperson Ross Smyth-Kirk.
A scoping study which focused on the option of initially refurbishing and recommissioning Plant 2 as a priority, has been prepared.
Estimates from the study indicate that Plant 2 could be operating within four to six months from the start of refurbishment. Subject to finalisation of the project facility, commissioning could be completed and the first gold pour achieved before the end of this calendar year.
This option initially processes ore from the Quartz Lease and low-grade stockpiles to generate sufficient cash flow to fund the refurbishment of Plant 1, and to bring Chatree back up to its full operational capacity of 5-million to 5.5-million tonnes a year.
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