Kingsgate (KCN:ASX) has an impressive 15 year record of gold production at the Chatree Gold Mine in Thailand, with approximately 1.8 million ounces of gold production. The Company also owns the prospective Neuva Esperanza Gold-Silver Project in the Maricunga Belt of Northern Chile. Production is suspended at Chatree following the Thai Government's forced shutdown of the mine in Dec 2016, and reserves of around 1 million ounces remain. Kingsgate recently received a payout of US$55 million under a Political Risk Insurance Policy that it held when the Chatree Gold Mine was prematurely closed by the Thai Government. Kingsgate has another compensatory action underway for the mine closure via the Thailand - Australia Free Trade Agreement ("TAFTA"). The Political Risk Insurers have joined with Kingsgate to pursue this claim. The final arbitration hearings under TAFTA are scheduled for November this year. Given the recent insurance payout, Kingsgate is fully resourced to both pursue TAFTA and remain aspiration for other development opportunities. In addition, Kingsgate is seeking expressions of interest or joint venture opportunities for its Nueva Esperanza Chile Project, to move this project forward towards production. Mkt cap US$38m and zero debt.
Recent US$55 million payout for a Political Risk Insurance Policy that was in place when the Chatree Gold Mine was prematurely closed.
Further compensatory action underway for the Chatree Gold Mine via TAFTA.
Owner of the prospective Nueva Esperanza Gold/Silver Project in Chile, and fully resourced to seek new development opportunites.
Annual Production Gold, oz per year
Annual Proven & Probable Reserves Gold, Moz per year
Mineral Authority: JORC , GEOs: No
All data is attributable unless otherwise stated in footnotes. Mineral resources are exclusive of reserves unless otherwise stated in footnotes.