Bangkok--Mar 1--EXIM Thailand
Mr. Sataporn Jinachitra, President of Export-Import Bank of Thailand (EXIM Thailand), Mr. Phirasilp Subhapholsiri, President of BankThai Public Company Limited and Mr. Pricha Attavipach, Chairman of Tongkah Harbour Public Company Limited signed a loan agreement of 506 million baht to finance its subsidiary Tungkum Limited’s gold mining project in Loei at the Grand Hotel, Ratchadapisek Road, on March 1, 2005.
According to EXIM Thailand President, the loan was divided into 2 portions, the working capital or Pre-Shipment Financing worth 50 million baht and Term US Dollar Loan for Business Expansion worth 456 million baht for machinery purchase, site development and construction of the mineral processing plant, tailing pond, reservoir, waste rock and tailing disposal area, waste water treatment and office building. EXIM Thailand, in cooperation with BankThai, financed this gold mining project with an aim to enhance the competitiveness of the Tungkum Limited who would export 100% of the gold to be produced in the Phu Thap Fah gold mining project in Khao Luang, Wang Saphung District, Loei Province. The 90% gold metal produced would be sent for refinery in Australia before entering into the international market.
Mr. Sataporn said the cooperation was a crucial step taken by EXIM Thailand to actively sustain Thai export growth based on Thailand’s sound industrial development and, thereby, to bring in foreign exchange earnings. The gold mining project needs high investment to develop into actual production with the international export standard of gold and full environment conservation. Meanwhile, the global demand for gold and gold price have increased continuously. Currently, the price in US dollars per ounce is 440 and possibly reaches 470 US dollars per ounce at the end of this year.
About Export-Import Bank of Thailand
Export-Import Bank of Thailand is a financial institution wholly owned by the Royal Thai Government under the Ministry of Finance’s supervision. The Bank was established by the Export-Import Bank of Thailand Act B.E. 2536 (1993) which empowered the Bank to engage in any financial activities customary to commercial bank practices, except for accepting deposit from the general public. The Bank’s objective is to provide financial services to strengthen the competitive edge of Thai exporters and investors abroad while contributing to the earning or saving of foreign exchange.
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