Business
First shipment gold Thailand new trading structure
First shipment gold Thailand new trading structure.
About this update from Wishbone Gold Plc
[{"type":"text","content":"\n \nRNS Number : 5982E Wishbone Gold PLC 12 February 2018 \n\n \n12 February 2018\nWishbone Gold Plc\n(\"Wishbone Gold\" or the \"Company\")\nWishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural Resources\n \nFirst shipment of gold from Thailand in new trading structure\n \nWishbone Gold Plc, the AIM listed gold trading and exploration company, announces the setup of its new Thai entity and the subsequent first successful delivery of gold from Thailand to Dubai.\n \nAsian Commerce and Commodities Trading Co Ltd (\"ACCT\") has been formed to expand Wishbone Gold's Asian presence. The entity is currently 51% owned by Wishbone Gold's Thai local partner, who is connected to the ruling Royal Family and 49% owned by Wishbone Gold. After three months of operations, Wishbone Gold will increase its shareholding in AACT to 95% through a transfer or subscription for new shares as per Thai law. It is intended that this will be the ownership structure going forward. \n \nThe first gold delivery was successfully sent via high value cargo and received in Dubai last week, and the purity of the gold received was assayed at 99%. Wishbone Gold expect shipment volumes should increase over the coming months and aims to have multiple deliveries each week from the supplier. The Company foresees that Thailand will be one of the Company's major sources of supply.\n \nThis latest venture also provides additional opportunities for Wishbone Gold's reverse integration strategy. Thailand has a network of licensed artisanal/ small scale gold mines (\"ASMs\") that meet the requirements for Wishbone Gold's model of reverse integration into the mining sector by providing the correct training and equipment to existing sites. Once the trading model is running smoothly Wishbone Gold will engage with the Thai authorities to roll out the artisanal model.\n \nRichard Poulden, CEO and Chairman of Wishbone Gold, commented: \"We are pleased that the first shipment of gold arrived without a problem and look forward to increasing the volumes. The possibility of working with the Thai authorities to improve the working conditions of ASM miners is exciting and will give Wishbone Gold a good foothold in another gold producing country.\" \n \nFor images and more information on Wishbone Gold please visit the Company's websi...