Metal Tiger makes further investment in Australia's Kingsgate

AIM-listed Metal Tiger has announced a further strategic investment in Australia’s Kingsgate Consolidated Limited.

The company, which invests in strategic natural resource opportunities, has bought 430,000 shares in Kingsgate at an average price of AUD0.33, for a total consideration of AUD142,050, or around £84,250. The purchase brings its total holding in Kingsgate to just under 11.6m ordinary shares, representing 5.18% of the company.

Kingsgate is an ASX-listed gold company which owns two main assets, the Chatree gold Mine, through its Thai subsidiary Akara Resources Public Company Limited and the 100% owned Nueva Esperanza Project Silver Gold project in Chile. It is currently in negotiations with the Thai government to reopen the Chatree Gold Mine after ceasing operations in December last year.

In the year ended 30 June 2017, Kingsgate made total comprehensive income of AUD8.3m and had net assets of AUD100.9m.

At 1120 BST, the shares were flat at 2.40p.