Kingsgate Consolidated Sees Higher Gold Yields

(ELEAZAR) -- Australian gold miner Kingsgate Consolidated forecast on Wednesday higher gold yields in the second half of fiscal 2012 as it boosts productivity at Thailand's only gold mine.

Gold production for the full year to June 30 is expected to be in the range of 210,000 to 230,000 ounces, Kingsgate said.

Its Chatree gold mine in central Thailand should yield 115,000 to 125,000 ounces for the year as richer ores are exploited, according to the company.

Last year, the Chatree mine produced 76,248 ounces.

A second mine owned by Kingsgate in South Australia will produce between 95,000 and 105,000 ounces, it said.

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Gold sales in the six months to Dec. 31 rose 90 percent to 82,940 ounces versus the same period a year ago, helping to push half-year net profit to A$33.9 million, up 192 percent, Kingsgate said.