Discussion in 'Stocks & Derivatives' started by SilverSanchez, Nov 1, 2011.
Yep very poor but lessons learned :/
I sent you a PM too.
I got out today at .245
Looks like the Thai government came to its senses.
Kingsgate just seriously lucked out; a military junta has been effectively in control since 2014, and the Kingdom of Thailand only just crowned a new Monarch.
Under conditions like that, it's expected that government cannot accomplish anything productive.
(Cue the usual chorus of 'government can never does anything productive/"needs to get out of the way")
*waves a flag* Yay ... but Kingsgate has to have a valid mineral licence in order for it to be effective for them. And they wont have a valid licence by that time, so they are still defunked
It could be part of the plan to nationalise the mine without appearing to be hostile to foreign investment (or pay a fair price for it).
Too little too late it seems.
12 December 2016
Via ASX Online FOR PUBLIC RELEASE
Company Announcements Office
Australian Securities Exchange
Update on Media Reports on the Chatree Gold Mine
Kingsgate Consolidated (ASX:KCN) ("Kingsgate" or the "Company") has been made aware
of some reports in the Thai and Australian media that a new Mineral Bill that was approved
by the Thai National Legislative Assembly on 8 December 2016, which may enable the
Chatree Gold Mine ("Chatree") to continue operating despite an earlier Cabinet decision in
May that will see an end to all gold mining in Thailand by 31 December 2016.
The Company's subsequent preliminary investigations indicate that the new Mineral Act
must be approved by the King of Thailand within 90 days, and will then not become effective
for a further 120 days.
Further, it appears that when the Act becomes effective, only miners that hold metallurgical
licences at that time may continue to operate without the need for one.
In light of the above, and given that the Metallurgical Licence of Kingsgate's Thai subsidiary,
Akara Public Resources Company Limited ("Akara"), expires on 31 December 2016, it
appears that the Act will not be effective to allow Akara's operations to continue beyond 31
Regardless, as a consequence of the Cabinet decision in May, Akara has had to terminate
staff and contractors and has taken other measures which will result in Chatree being placed
on Care and Maintenance from the end of this month.
To recommence operations at Chatree would require significant time and capital expenditure
as well as the granting of additional licences and approvals.
Neither Kingsgate nor Akara have received any communication from the Thai Government in
relation to these matters.
Looks like Kingsgate may finally get going again in thailand
From hot Copper! Sounds like they might need funds to get going again.
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