while active regional exploration is expected to uncover new
gold discoveries in Thailand over the next few years.
“
The current resource base will serve us for the next 10 to
15
years and with the underlying prospectivity of our exploration
ground, we will be mining gold in Thailand for many decades
to come,” Gavin Thomas said.
Challenger’s first full 12 months under Kingsgate’s ownership
produced almost 88,000 ounces of gold, despite having had
difficult operating conditions at times. By the end of 2012
Kingsgate expects to have established two new mining fronts at
Challenger, Challenger West and Challenger Deeps, that will set
the mine up for the future.
“
At Challenger we saw the opportunity to improve the overall
operation with a little additional capital and recognised that
significant exploration potential existed. During the past year
we have seen some of that potential realised at Challenger West
with further parallel discoveries, South East Zone and Aminus,
to be followed up this year,” he said.
In central Chile, the Nueva Esperanza silver and gold project
has a resource base of over 85 million ounces of silver, or around
1.8
million ounces of gold equivalent, with a feasibility study and
environmental impact assessment well underway. It is currently
expected that the mine will come into production in 2014 at
around 100,000 ounces of gold equivalent per year.
Transnational strategy
pays dividends for Kingsgate
GAVIN THOMAS
CHIEF EXECUTIVE OFFICER
KINGSGATE CONSOLIDATED LTD
The decision by goldminer Kingsgate Consolidated to grow
and diversify its mining operations has paid off with FY2012
delivering a record profit – up 225% to $75 million net profit
after tax. In keeping with Kingsgate’s long held policy of
paying dividends, a $0.10 per share dividend was also paid
to shareholders.
The strong result was driven by record gold production
of 209,000 ounces and attributed to Kingsgate’s two mines
–
the Chatree mine in Thailand and the Challenger mine in
South Australia.
Managing Director and Chief Executive Officer Gavin Thomas
said the full impact of these excellent results highlights the
strength of the underlying profitability of the two mines, and
supports the diversification and growth strategy at Kingsgate
across existing mines and its advanced development projects.
The world class Chatree gold mine in the rural heartland of
Thailand again proved to be the jewel in the crown of Kingsgate’s
operations, producing 121,000 ounces of gold with the expanded
plant contributing to the improved performance. A strong
commitment to near-mine exploration is growing gold resources,
Some of the Chatree mine design team at work, Thailand
MINESITE 2012
•
120