Kingsgate Consolidated Ltd., an Australian gold producer, rose the most in more than two years in Sydney trading after receiving approvals to access all mining areas at its Chatree gold mine in Thailand.
Kingsgate, based in Sydney, rose 14 percent to A$8.62 at the 4:10 p.m. local time close, the biggest gain since Dec. 3 2008, trimming losses for the year to 21 percent.
The approvals will “ensure a strong second half to calendar 2011,” Gavin Thomas, chief executive officer of Kingsgate, said today in a statement. Production at the mine will total about 150,000 ounces next fiscal year, Kingsgate said. Combined with the company’s other producing assets, output will be about 250,000 ounces, it said.