KCN 1.74% 84.5¢ kingsgate consolidated limited.

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  1. 169 Posts.
    The Office of the Royal Thai Board of Investment of the Office of the Prime Minister approved the promotion of the Chatree Gold Mine in Thailand. As a promoted enterprise the project received benefits including an 8 year full corporate tax holiday commencing at first gold pour followed by 5 years of half tax holiday, exemption from withholding tax on dividends to Kingsgate for 8 years, exemption from import duties for imported plant and equipment not available in Thailand, exemption from import duty for consumables used at the mine for 5 years, guarantee against nationalisation and permission to remit income from Thailand in foreign currencies.

    A double taxation treaty exists between Thailand and Australia under which the Australian authorities recognise these benefits extended by Thailand and deems the taxes to have been paid for the purpose of Kingsgate’s income tax.

    Construction of the Project commenced at the end of November 2000, and the first gold pour occured on schedule in November 2001.

    The Project comprises two open cut pits and a process plant that will initially operate at a throughput rate of 1,000,000 tpa expanding to 1,500,000 tpa at the beginning of Year 3. Gold equivalent production of 146,000 ounces is budgeted for the first operational year at a cash cost of

    USD86/ounce,

    making Chatree one of the world’s lowest cost mines
 
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