The 285th Sydney Mining Club – Lunchtime Event
at 12.15 pm on 1 February 2024 at the Ivy Ballroom
Kingsgate’s Chatree Phoenix Ready to Fly
MD Jamie Gibson to Bring us the Amazing Tale of the Chatree Gold Mine and Redemption in Thailand.
This is the single-most illustrative story of sovereign risk, a debacle and redemption in Thailand in the lap of a quality Australian operator – a story of tenacity.
Brilliant Sydney geologist Mike Diemar took 12 years to drill his massive epithermal gold discovery in a Central Thailand rice padi – from initial hints of mineralisation through to the official pre-mining 14.6 million tonnes at 2.7 g/t Au and 12 g/t Ag for 1.2 million ounces of gold in 1999. Things went well and the Kingsgate’s shareprice topped $10 for 180,000 Oz pa of gold.
Then disaster struck. The Thai government, at that point a military junta, ordered the open-cut mine to halt operations in December 2016, in a rare win for environmental campaigners who made false allegations about the environmental and health impacts of the mine on the surrounding community.
Kingsgate Consolidated, launched arbitration proceedings seeking hundreds of millions of dollars in compensation but, after negotiations, the government agreed last year to allow the reopening after six years of cobwebs.
Stockpiles are now being treated, exciting new drill results are coming on and redemption is seeping back into the share price which now values ASX:KCN as a $320m re-emerging gold producer. Not to be missed!