Akara became the world’s first mining company to gain accreditation under Social Accountability SA8000. This standard supports the principles of the UN Universal Declaration of Human Rights and the International Labour Organisation (ILO) and is an exceptional achievement for a mid sized mining company.
Kingsgate/Akara won the “Environmental Excellence” award and “Business of the Year” award at the AustCham Business Awards. Staff turnover remained very low, even compared to the rest of the “All Thai Industries” group. Community development programs continued with the establishment of formal Community and Rehabilitation Funds. Chatree Mine published a local Thai version of the sustainability report with particular emphasis on local issues.
Exploration
Exploration growth was curtailed last year as the focus was placed on extending the reserves and resources within the currently granted mining leases at Chatree. The H West pit was upgraded into the reserve category and mining commenced recently. Mineral resources were reduced to 3.4 million ounces gold and 30 million ounces silver, principally due to a re-modelling of the orebody at the base of the current pits. Ore reserves reduced slightly to 1.6 million ounces gold and 16 million ounces silver, mainly as a result of the mining depletion at Chatree.
Ground geophysics (resistivity) continues to expand the potential to the north of Chatree for a major increase in resources over the next few years, with a better understanding developing of the current 23 kilometres of potential mineralisation identified.
The surface anomaly of one of the regional targets continues to grow in size to around 30 square kilometres, which is already 30% larger than the Chatree anomaly. Negotiations to gain access to the area for drilling have been slow but are progressing well.
Outside of Thailand, a decision was made to progress exploration and drilling on a goldcopper target near Cloncurry in Queensland.
The approach to exploration in South America is to limit costs and previously capitalised expenditure has been expensed.
Once the mine leases are granted at Chatree, Kingsgate can resume its growth ambitions outside of Thailand. |
