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FINWIRES

Kingsgate Consolidated Acquires AU$11 Million Land to Support Thailand Mine Expansion, Shares Down 4%

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Kingsgate Consolidated (ASX:KCN) said its unit Akara Resources has substantially completed a strategic land acquisition program to support the ongoing expansion of the Chatree gold mine in Thailand, securing 24 land parcels covering about 86 hectares for total consideration of about AU$11 million, according to a Wednesday Australian bourse filing.

The company said the acquisition provides sufficient land to expand the tailings storage facility (TSF) and waste dump areas, supporting the current mine plan and providing additional infrastructure capacity for the next six to eight years.

About AU$6.6 million of the acquisition cost was settled before June 30, with the balance expected to settle progressively over the coming weeks as the remaining transactions are completed, the filing added.

The company's shares fell 4% in recent Wednesday trade.

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