Kingsgate Consolidated
Kingsgate is a low cost gold producer and an expert in gold exploration, development and mining with a track record of world's best practice in sustainability - safety, environment and community relations.
The aim is to leverage the competitive edge developed at the Chatree Mine in central Thailand and to expand production elsewhere in South East Asia, South America and Australia.
Mine Expansion
An expansion is planned to double the processing plant's throughput to 5 million tonnes per annum of ore.
The expansion is currently being reviewed to de-risk the project to the fullest extent possible prior to seeking funding. Implementation is anticipated during December 2009 or early 2010, with construction expected to take 12 months once approved.
Who we are
Kingsgate Consolidated Limited (Kingsgate) is a highly successful gold mining and exploration company, traded on the Australian Stock Exchange (KCN: ASX). The company owns and operates the low cost Chatree gold mine in central Thailand through its Thai subsidiary, Akara Mining Limited, using world's best practice for safe, environmental and socially responsible operations.
Growth will occur from near term expansion of the processing plant, a rapidly growing reserve/resource position within current mining leases, near mine satellite open pit potential and new discoveries within a surrounding gold province which exhibits world class potential.
Our Vision
Kingsgate's vision is to be a preferred gold company delivering shareholder value through profit and growth. We are continually assessing new business opportunities and recognise that the strength of our relationships, our experience in both low sulphidation epithermal gold deposits and in Asia, and our operating expertise will provide the opportunities for growth.
Growth is propelled by focused gold exploration and prudent acquisitions producing high margin operations. Our expertise is based on embracing cultural diversity and skill development, fostering teamwork and a focus on the best result for all stakeholders.
History
Kingsgate was officially listed on the ASX in April 1988.
The company's strategic advantage is its specialist knowledge of the geological, political and economic climate of mainland South East Asia developed over the 15 years of operating there. Exploration in Thailand led to the greenfields discovery of the Chatree gold deposit.
Gold mineralisation occurs at Chatree as a low sulphidation quartz carbonate adularia style epithermal, occurring in shallow to steeply dipping structures carrying gold bearing veins, breccias and stockworks, within a 7.5 by 2.5 kilometre zone of silicified latitic and trachytic volcanic fragmentals and flows.
The deposit is located 280 kilometres north of Bangkok in gentle farmland adjacent to bitumen roads and serviced by the national power grid and is accessed from Bangkok and its port by highway quality asphalt and concrete roads.
Chatree Gold Mine
Construction of the Chatree Gold Mine took place between December 2000 and October 2001 with commissioning in November 2001. It was completed within time and under budget and commercial production commenced on 27 November 2001.
An expansion to the Chatree plant was completed in December 2003 with an expanded grinding and leaching circuit and increased throughput from 1-1.3 million tonnes per year (Mtpa) to 2 Mtpa, above the designed capacity of 1.8 Mtpa. This expansion was completed on time and under budget.
Installation of a pebble crusher increased plant capacity to 2.4 Mtpa in early 2006 and has operated consistently at that rate since.
The ore has a high metallurgical recovery (89-91%) with gold and silver extraction by standard Carbon in Leach (CIL) processing with destruction of cyanide in the pulp to 5-7ppm prior to delivery to the tailings storage facility.
Mineral Resources
The company's exploration program expanded the resources and reserves substantially from 2000 to 2006. Ore Reserves are 1.5 million ounces of gold as at 30 June 2009.
Mineral Resources are 3.1 million ounces of gold, as at 30 June 2009, and 24 million ounces of silver. New discoveries have been made which are not included in the Mineral Resource assessment, located north and south of the existing operation, including Suwan (8km north) and Chokdee (20km north), demonstrating mineralisation occurs over more than 20 kilometres in strike length as well as to the west of current operations.
Production
Total production at Chatree for the year ended 30 June 2009 was 93,002 ounces of gold (2008: 74,137 ounces) and 293,472 ounces of silver (2007: 232,039 ounces) at a total cash cost of US$ 405 per ounce (2007: US$457 per ounce) and total production cost of US$493 per ounce. Forecast production to June 2010 is 120,000 - 140,000 ounces gold.
Thai Subsidiary
Akara Mining Limited is the Thai subsidiary which operates Chatree.
Thai investors hold 52% of the shares issued in Akara with the remaining 48% held by Kingsgate, which owns all of the ordinary shares in Akara, with full access to cashflow and dividends.
Sustainability & Corporate Social Responsibility
Sustainability, which covers environmental, workplace, social/community and governance issues, is a core element to the way Kingsgate conducts its business.
The Chatree gold mine has been the safest gold mine in the world for some years, based on publicly available data, with over 12 million hours worked (6 years) without a Lost Time Injury (LTI). No reportable environmental incidents have occurred at Chatree since the mine commenced in 2001 and all fluids are retained on site with zero releases. Over 99% of the workforce, including contractors, are from Thailand, with 80% coming from local villages, combined with a strong focus on continued training, with over 20 Thai workers graduating with a Masters degree with company sponsorship.
The company has also been accredited on the relevant International ISO standards - ISO 9001 for Quality, ISO 14001 for the Environment, OHSAS 18001 for Health & Safety, ICMC's cyanide code which ensures non- toxic releases, and SA 8000 for Social Accountability. Kingsgate and Akara are jointly the only stand-alone mining company in the world with SA 8000, often referred to as a benchmark in Corporate Social Responsibility. Numerous awards have been bestowed on Kingsgate and its Thai subsidiary, Akara Mining Limited for its leadership in Corporate Social Responsibility.
updated 2nd December, 2009
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