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Wishbone Gold confirms Thai gold progress

"We are pleased that the first shipment of gold arrived without a problem and look forward to increasing the volumes,” said Richard Poulden, Wishbone chief executive
gold, money US dollar
The first gold was shipped from Thailand to Dubai

Wishbone Gold PLC (LON:WSBN) has confirmed that a new Thai entity has now been set up, and highlighted that the first successful delivery of gold has now taken place.

It currently owns 49% of the newly created Asian Commerce and Commodities Trading Co (ACCT), though arrangements are in place that could see Wishbone increase its stake up to 95%.

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The gold was shipped from Thailand to Dubai, where it arrived last week.

Wishbone expects gold shipments to increase in volume over the coming months, anticipating multiple deliveries each week.

"We are pleased that the first shipment of gold arrived without a problem and look forward to increasing the volumes,” said Richard Poulden, Wishbone chief executive in a statement on Monday.

“The possibility of working with the Thai authorities to improve the working conditions of ASM [artisanal/ small scale mines] miners is exciting and will give Wishbone Gold a good foothold in another gold producing country."

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Wishbone highlighted that the Thai venture opens opportunities for the group’s “reverse integration” strategy - with the country hosting a network of licensed ASM gold mines that meet the group’s criteria.

The company expects to engage further in its artisanal model, once the gold trading model is running smoothly.

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