Kingsgate Consolidated, Australian owner of Thailand's biggest gold mine, is seeking to double output at the operation from 2011 and forecast the price of bullion to rise as high as US$1,500 (Bt51,200) per ounce within two years.
The company expects government approvals next month to expand capacity of the plant at its Chatree Mine to 5 million tonnes of ore a year, Gavin Thomas CEO of the Sydney-based company, siad yesterday.
"We've obviously got a cashflow machine here. If we can keep the head-grade high, we make a lot of money," Thomas said.
"I see gold moving well over its price. I see it moving sideways in the short term and moving upwards $1.1200 to $1,500 in the next 12-24 months."
The company posted a net profit after tax fell 10 per cent to 32.5 million Australian dollars(Bt921 million) for the fiscal year ending June 30 on production of 76,028 ounces.
Output is forecast to increase to 120,000-140,000 ounces this year, Kingsgate said in a statement.
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