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Metal Tiger trades positively as it invests in Kingsgate

Kingsgate owns two key assets, the Chatree gold mine in Thai and the Nueva Esperanza silver old project in Chile.
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It has taken 4.99% of the Australian company

Metal Tiger Plc (LON:MTR) shares traded positively on Friday after the group announced a new investment, into gold firm Kingsgate Consolidated Limited (ASX:KCN).

It has purchased 1.85mln shares for a total consideration of £354,544, giving it 4.99% of the Australia-listed company. The deal was covered by cash generated via asset disposals in its trading division.

READ: Metal Tiger and partner expand scope and scale of MOD copper project in Botswana

Kingsgate owns two key assets, the Chatree gold mine in Thailand the Nueva Esperanza silver old project in Chile.

At Nueva Esperanza the company is advancing a definitive feasibility study which is due in January, and it is talks with the Thai government with a view to reopening the Chatree mine (which closed in December).

KCN in the last financial year, ended June 30, made a comprehensive income of AU$8.33mln or £4.9mln, and had some £59.4mln of net assets.

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