The 43rd Sydney Mining Club
and NM Rothschild & Sons
June 7th at 12.30 p.m.
It is hard to credit Kingsgate Consolidateds discovery of 1.2 million ounces in Thailand to anyone but its managing director Mike Diemar. Lying beneath the corn fields 280km north of steamy Bangkok lies the Chatree deposit, now the site of a half-completed 143,000 Oz a year CIL mine with 280 people rushing about. Its fully debt financed and the first gold pour is in November. A new US$35m low-cost gold producer is an important milestone for this most sober of the Tiger Nations.
Perhaps more amazing than the fact that one mans 13 years of dogged lock-jaw focus can lead to the finding and realising of at least $600m of contained gold, are a string of exploration lessons that would out-trump and confound many If you believe in a project fight for it. Be single minded. Patience is not a virtue, its a survival mechanism. Speed kills. The shortest distance between two points is not a straight line. Use trusted national staff in all dealings with nationals. Budget size often has an inverse relationship to success as time kills the enthusiasm of backers... some sackable philosophies at Major Mining Corp Ltd. Mike Diemar worked around the fact that 2/3 of the time is the wrong time to raise money to look for gold by using minuscule budgets and a local team. Through booms, Busang and some very hard times, the project moved steadily forward with hand-dug trenches and inching bureaucratic process. Drill hole No1 was not until 1995. In this unlikely success in a foreign land there was no geological revelation but a very perceptive reading of what was possible and a preparedness to accept ones own advice and stick to it. Thailand it seems could be emerging as the quiet eye in the Asian cyclone of minerals policy. If youve ever owned shares in an exploration company, backed one or wondered what magic it takes to succeed in exploration, then Mike Diemars formula is striking. Not to be missed!
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There has been a relaxation of dress rules at the Tattersalls and ties and jackets are no longer required (but do wear the rest).