Kingsgate Consolidated (ASX:KCN) has announced that the Thailand Board of Investment (BOI) has approved its partner Akara Resources' investment promotion application for the Chatree Gold Mine in the Phichit Province.

The approval provides Akara Resources with benefits including exemptions from the 20% corporate income tax rate up to a cap of THB3.25bn ($142M) and the 10% withholding tax on dividends remitted overseas.

Kingsgate Consolidated says the move marks a step towards reopening the mine.

The company's share price is up 4% near market close today.