General Search - Enter what you're looking for...
General Search - Enter what you're looking for...
KINGSGATE CONSOLIDATED LIMITED
The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.
Kingsgate Consolidated Limited (Kingsgate) is a low cost gold producer and a highly successful gold mining and exploration company, traded on the Australian Stock Exchange (KCN: ASX). The company owns and operates the 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.
A growing reserve/resource position within granted mining leases lies in a gold province which exhibits world class potential, with recent near mine gold discoveries.
Kingsgate and its' Thai subsidiary, Akara Mining Limited, operate the Chatree gold mine in central Thailand, 280km north of Bangkok. Chatree, Thailand's first modern gold mine, commenced operations in November 2001 with a processing plant capacity of 1 million tonnes per annum (mtpa) which was expanded to 2mtpa in 2006. Open cut, bulk mining extracts low-grade gold bearing ore, containing 1-2 grams of gold per tonne of mineralised ore, using simple drill, blast and excavate mining methods. The ore is transported to the nearby "Carbon in Pulp" (CIP) processing plant where it is crushed into a fine powder in the plant's grinding circuit. Water and reagents, including a weak cyanide solution, and activated carbon are added to extract most of the gold and silver which is poured into "doré" (gold + silver) bars and later purified in Hong Kong for the international market. The waste powdered rock is stored in a tailings storage facility (TSF) and the water and reagents are recycled for further use in the processing plant. There is zero discharge of liquids from the site and cyanide levels in the tailings are very low, equivalent to those in a cup of coffee. The operation uses world's best practice in operations, health & safety and environmental controls together with the development of new support industries and capacity building within the sector, including staff training.
During the March quarter 2010, the mine is expected to pass the production “milestone” of 1 million ounces produced since the mine opened in 2001. Gold production is forecast to be at the upper end of the range of 120-140,000 ounces of gold to the end of the fiscal year in June 2010.
Australian Projects Overvier
As of 8th February 2011, when Kingsgate Consolidated assumed management control of Dominion Mining Limited, Kingsgate's Australian key asset is the 100%-owned Challenger Gold Mine in South Australia. In addition, Kingsgate now has an extensive portfolio of gold and base metal exploration projects in Western Australia and South Australia. The Challenger Project, located 740km north-west of Adelaide, is the first-ever major gold mine development in South Australia to come on stream outside of the Olympic Dam copper-gold-uranium operation. It is also the first commercial mine development in the Gawler Craton. Construction and development of the Challenger mining complex by former owners Dominion Mining Limited, was completed during 2002, on schedule and on budget. Infrastructure at the site includes a processing plant, a laboratory, power station, borefield and other services, as well as a mine village and airstrip. Open pit mining operations commenced in October 2002 and the open pit phase of the operation concluded in April 2004 with the project making the transition during second half of the year to a wholly underground mining operation. Full-scale underground production commenced in the first quarter of 2005. To 30 June 2010, Challenger has produced 647,205 ounces of gold, at an average cost of $399 per ounce. Gold production of 80,570 ounces at an estimated cash operating cost of $697 per ounce. Production for the first six months of the 2011 year forecast at 50,000 ounces. Resources at the end of the 2010 financial year was 950,220 ounces of gold containing reserves of 421,650 ounces. The resource position, as at 30 June 2010 represents a downgrade from the previous year primarily due to the unexpected decrease in the endowment of the M1 shoot below the 500m RL. The current ore reserves are sufficient to underpin a 7-year mine life based on current annual production levels of around 100,000 ounces.
A total of $22.83 million was spent on infrastructure and underground development during the year, with the decline extended down to the 320 level, approximately 875 metres below surface. In addition, further capital expenditure of $22.80 million was incurred relating primarily to the plant expansion including a second ball mill and the installation of a thickener, completion of the underground ventilation upgrade, an additional tailings storage facility and increased underground power supply.
The Challenger Gold Mine has successfully met all its mining and processing targets to date, with operating costs since first production in 2002 averaging $399 per ounce. 2005/06 was the first full year of underground production at Challenger, which saw the operation exceeding all targets with the pace of both development and production from stoping surpassing budgets in terms of tonnes and grades delivered. From the start of production in October 2002, a total of 647,205 ounces of gold had been recovered by 30 June 2010 at an average operating cost of $399 per ounce. This was achieved from processing a total of 546,649 tonnes of ore.
gold, silver, mineral sands, ilmenite, rutile, zircon, copper, nickel, uranium, iron ore, zinc, tungsten, lead
Location of operation(s)
Thailand, Argentina, Queensland, South Australia, Western Australia
Suite 801 , Level 8 , 14 Martin Place
SYDNEY, NSW, AUSTRALIA
02 8256 4800
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.