Akara Mining Secures $100m Loan for Thai Mine

8 May 2011 (Last Updated May 8th, 2011 18:30)

Kingsgate Consolidated's Thailand subsidiary Akara Mining has secured a $100m syndicated loan facility for the expansion of Chatree gold mine in Central Thailand. The loan facility will be used to expand the plant's capacity to five million tons of ore per annum. A total of $

Kingsgate Consolidated's Thailand subsidiary Akara Mining has secured a $100m syndicated loan facility for the expansion of Chatree gold mine in Central Thailand.

The loan facility will be used to expand the plant's capacity to five million tons of ore per annum.

A total of $42m has been secured from CIMB Thai Bank, $40m from Sumitomo Mitsui Banking Corporation and $18m from Investec Bank of Australia.

In addition, Kingsgate's existing one-year standby A$60m (US$64m) facility with Investec is being replaced by a three-year $50m revolving facility with Investec.