Kingsgate operated the Chatree gold mine in Phichit under the management of its subsidiary Akara Resources. The NCPO’s order meant the mine had been shut since January 1. The company admitted that the outcome of the arbitration proceedings could not be guaranteed and would take substantial time and money to resolve. However, it stressed that the commencement of arbitration would allow both parties to engage in dialogue to settle the matter on mutually agreeable terms. "The Board of Kingsgate considers that the Company has excellent prospects of successfully recovering very substantial damages against the Kingdom of Thailand, and will vigorously prosecute its claim," the statement said.

Source: The Nation Bangkok November 03, 2017 02:15 UTC