Kingsgate Consolidated (KCN) is a gold miner, operating in South East Asia, South America and Australia.
The company’s trump card is its Chatree Mine in Thailand, which is currently undergoing yet another expansion review.
Like many other Aussie gold miners, KCN has been one of the stocks to watch in recent months given its leverage to record gold prices.
KCN recently reported its full year results, which showed a more than doubling of FY10 net profit to $73.1 million thanks to a 54% jump in revenue.
The huge growth in revenue was driven by higher spot gold prices in addition to increased production.
KCN’s Chatree gold mine produced 132,628 ounces of gold for the year, which was also the first time the mine operated for the full year.
KCN forecast FY11 gold production of 120,000 – 130,000 ounces, however this was subject to the timing of accessing the remainder of its Chatree North mineralisation.
KCN declared a final dividend of 20 cents per share, up from last year’s 15 cents.
KCN was among the stock market gainers on the day of its results announcement, rising 2.8%.