Kingsgate Consolidated (ASX:KCN) has launched a funding round to restart operations at the Chatree gold mine in Thailand, after getting approval from the Department of Primary Industries and Mines to recommence processing activities at the mine.

The company intends to offer up to 30.7 million new fully paid ordinary shares priced between $1.50 and $1.60 per share, and invite existing shareholders to participate in a share purchase plan at the same price, to raise a total of $46M. 

The company can then use the new funds to refurbish Chatree plants and pay off the US$15M Taurus Bridge Facility, among other purposes.

Following the announcement, shares of Kingsgate Consolidated were unchanged at $2.01.