March 10 (Bloomberg) -- Kingsgate Consolidated Ltd., owner of Thailand’s biggest gold mine, said sales may double for the year ending June on increased production from its Chatree project and higher prices.
“We have reinvested all our profit last year,” Chief Executive Officer Gavin Thomas said in an interview today in Bangkok. “Sales around A$150 million ($96 million) would be our high end this year.” The company had revenue of A$74.3 million a year ago.
Kingsgate is boosting production as the price of gold soars past $1,000 an ounce this year as investors seek a store of value to withstand the global equity rout. The Sydney-based company plans to sell shares in Thailand, Thomas also said, without giving details.
Production from the Thai mine, 350 kilometers (217 miles) north of Bangkok, will probably climb to 150,000 ounces this year from around 74,000 ounces a year earlier, Thomas said. The company plans to double capacity of its plant to process as much as 5 million metric tons of ore in 2010, he said.
Kingsgate has gained 31 percent this year in Sydney trading this year, beating the 15 percent decline on the benchmark Australian index.
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