PERTH (miningweekly.com) – ASX-listed gold miner Kingsgate Consolidated expects to reduce its total debt position to about A$13-million by the end of the month.
The miner said on Thursday that a discretionary payment of $5.2-million had been made against the Chatree loan facility, and a further discretionary payment of $5-million will be made on December 9. This would take the group’s total debt position to A$13-million, down from the A$72-million at the end of September.
The Chatree-related debt would be fully repaid before the end of December, Kingsgate stated.
Production from the Chatree mine, in Thailand, is expected to cease this month, as the project’s metallurgical licence is expiring.