Kingsgate Consolidated Limited (ASX:KCN) Delivers Low Cost Gold as Forecast
Sydney, July 21, 2010 AEST (ABN Newswire) - Kingsgate Consolidated Limited (
ASX:KCN) (PINK:KSKGF) low cost Chatree gold mine in central Thailand completed a successful year, producing 132,600 ounces gold as the company forecast.
Low cash costs of US$335 per ounce gold produced (including all royalties) place the mine in the lowest 20% of global gold producers.
Kingsgate released its June quarter report today which has provided the full year operational results to June end.
Key Points of the June 2010 Quarterly Report were:
- Quarterly Gold Production: 30,456 ounces gold
- Quarterly Cash Costs: US$345/ounce gold (Cash Operating Costs: US$261/ounce before royalties)
- Total Cash and Bullion: A$51.5 million
- Plant Expansion commenced, utilizing investment incentives from Thai Government
High cash margins helped the company to a A$51 million cash and bullion position at the end of June.
We have continued to do what we said we would do and that is to be a low cost gold producer", said Managing Director Gavin Thomas.
Kingsgate approved the expansion of the processing plant in June, which will double ore processing capacity by mid 2011 to 5 million tonnes per annum. This will potentially increase annual gold production to a rate of 200,000 to 250,000 ounces per year, when fully operational. Construction has already commenced.
Kingsgate Consolidated Limited is a low cost gold producer which has operated its Chatree mine in central Thailand for nearly nine years. Kingsgate has a proven record of sustainable rural development, capacity building and 'best-in-business' environmental management. Chatree continues to be the world's safest gold mine.
For the Kingsgate Consolidated Quarterly Report, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63357-ASX-KCN-498170.pdf
About Kingsgate Consolidated Limited
Kingsgate Consolidated Limited (ASX:KCN) (OTCMKTS:KSKGF) is an experienced pacific rim gold producer and highly successful ASX listed gold company with significant expertise in gold exploration, development and mining.
Kingsgate owns and operates the Chatree Gold Mine in central Thailand and the Nueva Esperanza Development Project, located in the highly endowed Maricunga gold and silver belt of the Atacama Region of northern Chile.
The Chatree Gold Mine is a world class gold producing asset, with a proven operating history, with 1.8 million ounces of gold and 10 million ounces of silver produced between 2001-2016.
Chatree is a large scale, low-cost, open pit operation with a combined +5 Mtpa processing capacity across two plants, with existing Life of Mine supporting a ~9 year mine life based on 1.3m oz gold reserve.
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