All tagged Kingsgate ASX:KCN
During the December quarter, Kingsgate Consolidated (KCN) appointed a corporate adviser to identify options to monetise its Nueva Esperanza silver and gold project in Chile, whilst a number of parties are completing due diligence on a number of alternative funding options to secure its future.
Kingsgate Consolidated (ASX:KCN) spent the September quarter advancing expressions of interest with keen parties for its Nueva Esperanza project in Chile, where the company is seeking ways to best monetise the operation. The response has been positive, with a number of interested parties engaging in the requisite due diligence and requesting site visits.
Kingsgate Consolidated (ASX:KCN) has released its results for the three months to September 30 with $15.8 million cash in the bank and zero corporate debt. The Company has announced a share buy-back scheme, and continues to progress work on its Nueva Esperanza gold-silver project in Chile. It also continues to pursue compensation from the Thai Government for measures taken against its Chatree Gold Mine that were in violation of the Australia-Thailand Free Trade Agreement.
Kingsgate Consolidated (ASX:KCN) has announced a stellar $7.1m full year profit for the period ended 30 June 2017, a significant improvement on the $229m loss the year before. Production from Chatree totalled 89,875oz, all produced in the first half before the mine was prematurely halted. While the suspension has been lifted, the Company awaits the metallurgical licence renewal and is also seeking financial compensation from the Thail Government.
Kingsgate Consolidated (ASX:KCN) has reported its June quarter activities, with a strong focus on exploration and development of the Nueva Esperanza gold-silver project in Chile. Over 13,000m of drilling was completed on the projects in the quarter. In Thailand, consultations commenced with the Thai Government, aimed at progressing the compensation claim. While the extended consultations did not resolve the issue, the Company is continuing dialogue in good faith, while retaining all rights.
Kingsgate Consolidated (ASX:KCN) has announced the resignation of GEO Greg Foulis. Mr Foulis led the Company through a turbulent period, with the Thai Government prematurely closing down the Chatree Gold Mine, fighting off an opportunistic takeover attempt and rationalising assets and refocusing towards South America. While a replacement is sought, Ross Smyth-Kirk will take over his duties as Executive Chairman.
Kingsgate Consolidated (ASX:KCN) has reported solid exploration progress during the March quarter at the Nueva Esperanza Project in Chile. 7,756m of RC drilling and 2,322m of diamond drilling were completed during the quarter on near mine and geophysical targets. In Thailand, the Company commenced action against the Thai Government under the Free Trade Agreement provisions. At the end of the quarter, the Company had $28.7 million cash at hand.
Kingsgate Consolidated (ASX:KCN) has reported a $21 million half year profit for the period ended 31 December 2016. Despite only having one operational mine at Chatree, revenue increased by 5% and profit turned around from a $19.9 million loss to a $21 million profit. Following the forced closure of Chatree by the Thai Government at the end of December, Kingsgate does not currently have any producing mines and is focussed on the near term Nueva Esperanza Precious Metals Project in Chile.
Kingsgate Consolidated (ASX:KCN) has announced new drilling results from district wide exploration around the Nueva Esperanza Precious Metals Project in Chile. Better results included 24m at 3.25g/t AuEq and 11m at 3.02g/t AuEq at Huantajaya and 10m at 7.13g/t AuEq at Carachitas. These results are the first for 2017 and form part of a US$5m exploration budget for the year.
Kingsgate Consolidated (ASX:KCN) produced 50,133 ounces of gold at a cash cost of just US$416/oz in the December quarter. The result was the final one for the Chatree operation, which was forced to close by the Thai military government. In Chile, a new gold anomaly grading up to 8.8g/t Au was identified 450m west of previous Carachitas RC drill intercepts. Kingsgate expects to be debt free at the end of January with group cash totalling $38 million.