KCN – Kingsgate Consolidated | Aussie Stock Forums

Ouch!! What happened today. A 20% drop and then a trading halt???

(Don’t own any – just watching)

Hm yep! Not too much factual detail atm

thx

MS

BANGKOK (Dow Jones)–Thailand has suspended 53 applications from a unit of Kingsgate Consolidated Ltd. (KCN.AU) for gold exploration and production licenses in Phichit and Phetchabun provinces, the Bangkok Post reported Monday quoting a senior government official.

Primary Industries & Mines Department director-general Anusorn Nuangpolmark said a total of 60 applications in the two provinces have been suspended so in-depth environmental impact studies can be carried out, according to the report.

Kingsgate has been carrying out commercial gold production in Thailand since 2002 and is seeking more gold reserves to support production, the newspaper said.

Anusorn said the government is responding to concerns from communities and activists that the environment impact of gold mining could outweigh the economic benefits, the report said.

“Media Release – 3 December 2007
KINGSGATE CALLS FOR CLARIFICATION ON LEASE APPLICATIONS
Kingsgate (ASX:KCN), and its Thai subsidiary Akara Mining Limited, have received Thai media reports
alleging the suspension of applications for gold exploration and production licences by the Thai government.
Kingsgate and Akara are obtaining clarification from the Thai Mines Department (DPIM).
Kingsgate and Akara are proud of their record of being the safest gold mine in the world, after six years of
operation with no environmental incidents.
Recently the company was awarded Social Accountability SA8000 – the most credible example of treating
people fairly and equitably. It was the first mining company in the world to achieve this.
The Chairman of Kingsgate, Mr Ross Smyth-Kirk, said the company had overwhelming community support
and has set the benchmark for the most rigid environmental practices of any mining company in the region.
“We are surprised by any claims to the contrary”, he said. “The company has consistently delivered social
and economic benefits for both local communities and the Kingdom of Thailand.”
This year, His Excellency the Thai Prime Minister Surayud Chulanont personally presented the company with
its fifth consecutive Thai Prime Minister’s Best Practice Award for Employee Welfare and Labour Relations.
This is in addition to the Thai AustCham’s award for Environmental Excellence 2006 and the Thai National

Health & Safety and Environment Award 2005.
The company adheres to world’s best practice in environmental, social, community and labour relations and

also has international ISO standards for Environment ISO14001, Health & Safety OHSAS18001, Quality
ISO9001, and the Thai Labour Standard TLS8001.
The company currently has 52 exploration licences (SPL’s) and five mining leases granted (ML’s). A further
nine Mining Lease Applications are pending. These are located immediately to the north of the Chatree mine
and have an approved Environmental Impact Assessment (EIA), which was granted in April 2007 after a
rigorous two year process. Forty-four exploration licences (SPLA’s) are pending final approval by the Minister
of Industry.
Elections in Thailand are being held on 23 December 2007.
Media Enquiries: Suzanne Blake 0414 233 500
Investor Enquiries: Stephen Promnitz +61 419 194 918″