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Metal Tiger refutes Kingsgate claims as vote nears

The AIM-listed group has called an extraordinary meeting of Kingsgate shareholders on 9 January to remover nearly all of the board
picture of gold pour
Chatree is a gold mine in Thailand

Metal Tiger PLC (LON:MTR) has refuted claims by Australian miner Kingsgate that it has no operating plan for the closed Chatree gold mine in Thailand.

The AIM-listed group has called an extraordinary meeting of Kingsgate shareholders on 9 January to remover nearly all of the board and replace them with its own nominees.

Chatree was shut down by the Thai authorities, a move the current Kingsgate board say was unjustified and it wants compensation.

Kingsgate says Metal Tiger’s plans might see an agreement with the Thai government that does not involve any recompense.

In reply to the letter, Metal Tiger, which is now Kingsgate’s largest shareholder, said it intends restart Chatree through the application for the renewal and granting of mining, processing and exploration licences by the Government of Thailand.

Discussions with the Thai Government have been initiated, it added.

Once the permits have been reissued, Metal Tiger has been advised it would be able to raise the money required to restart the mine.

A number of potential strategic equity investors had also commenced due diligence on the Chatree mine, said Metal Tiger, adding that the mine can support a conservative debt and equity package.



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