http://www.kingsgate.com.au/wp-content/uploads/2014/03/ASX-Icon.png 80 80 Simon Pierce http://www.kingsgate.com.au/wp-content/uploads/2015/05/KCN_WebLogo_SMALL.png Simon Pierce2016-05-26 17:55:212018-04-30 10:54:52KCN Request for Continuation of Voluntary Suspension of Trading
Kingsgate Consolidated Limited (Kingsgate) requests a continuation of the voluntary suspension of trading in the securities of Kingsgate (ASX Code: KCN) from the commencement of trading tomorrow, 27 May 2016.
For the purposes of Listing Rule 17.2, Kingsgate provides the following information:
- The voluntary suspension is necessary as uncertainty still remains following a public announcement on 10 May 2016, from the Thai Minister of Industry concerning the tenure of the renewal of the licence for metallurgical operations at the Chatree Gold Mine in Thailand;
- Kingsgate can advise that it has received the renewal of the metallurgical licence for the Chatree Gold Mine in Thailand for the period ending 31 December 2016, and not the anticipated 5 years from the renewal date (13 May 2016) as has been the practice in the past. In addition, the Company understands that the metallurgical licence renewal will be subject to certain conditions which have not yet been provided to the Company;
- Kingsgate further advises that this decision was made by the Thai Prime Minister and Cabinet and a subsequent attempt by the Company to seek a copy of the order for the purposes of clarity has resulted in the Company being informed that the order has been classified and as such cannot be publicly disclosed. In addition, the Thai Minister of Industry has not met with the Company and has not provided any clarity as to the Company’s position;
- Kingsgate has in light of these developments, completed a revised mine plan for the period ending 31 December 2016, with a view to providing the optimum outcome for all stakeholders. However, this remains subject to uncertainty pending clarification of the basis on which the mine can continue to operate through to 31 December 2016;
- Accordingly, Kingsgate requests that the suspension remain in place until it is in a position to make an announcement to the market. It is anticipated that an announcement will be made prior to the commencement of normal trading on Friday 17 June 2016, and that the voluntary suspension will cease at that time; and
- Kingsgate is not aware of any reason why the voluntary suspension should not be granted.
Chief Executive Officer