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Kingsgate: Chatree mine now debt free

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Kingsgate: Chatree mine now debt free

Kingsgate Consolidated Ltd. on Dec. 28 said its Chatree gold mine in Thailand is now debt free after it made a final US$6.3 million repayment against the Akara loan facility Dec. 23.

Following the repayment, the company's debt position has been reduced to A$5 million, which is set to be repaid in January 2017, compared to a debt position of A$72 million at the end of September.

The Chatree mine will be under care and maintenance from January 1, 2017, in accordance with the Thai government's decision to shutter the mine.

Kingsgate Chairman Ross Smyth-Kirk said the company will seek compensation from the government over its decision to shut the mine, but Thai Prime Minister Prayut Chan-o-cha urged the company not to sue the government, noting that the ordered closure is just a suspension.

The company also said it completed the sale of its remaining 15% stake in the Bowdens silver-lead-zinc property in central New South Wales to Silver Mines Ltd. after receiving the final A$4.1 million payment from Silver Mines.