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BANGKOK 17 June 2019 14:38
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Australian mining firm hopes for better deal from new Thai industry minister

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Mining firm hopes for better deal from new industry minister

By THE NATION

 

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THE REPRESENTATIVE of a shutdown gold mining company hopes he will be given a chance to kick off negotiations with the new industry minister.

 

“We are closely following the new government appointments,” Siroj Prasertphon, chief financial officer of Akara Resources Public Co Ltd, said yesterday.

 

“We intend to negotiate the amount for the compensation, the possibility of ending legal disputes, and assurances that the Kingsgate businesses in Thailand will not be closed without scientific proofs again.” 

 

His comment is related to the shutting down of Chatree mine, owned by Akara Resources, a subsidiary of Australia’s Kingsgate. 

 

General Prayut Chan-o-cha in his capacity as chief of the National Council for Peace and Order ordered that Chatree mine’s operations be suspended from January 1, 2017, because of its adverse impacts on health and environment. 

 

Siroj said the closure caused at least Bt41 billion worth of losses for Akara Resources, based on the assumption that the mine would have operated for eight to 10 years. 

 

Kingsgate lodged a complaint against Thailand with the Permanent Court of Arbitration, and both sides have to present their arguments in November. 

“We can assure you that our mining operations do not harm people’s health and environment,” Siroj said.

 

Though Prayut has been named head of the new government, he has yet to form a Cabinet. Hence, it is still unclear who will get the Industry portfolio. 

 

Source: http://www.nationmultimedia.com/detail/national/30370987

 

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This sad saga has gone too far for a new minister to offer any hope for a better voluntary deal as too much face would be lost from the past government. But Jimmy above is partly right. When this goes to international arbitration, Kingsgate will almost certainly hit pay dirt!

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WE hope its good news for Kingsgate. This issue has killed any prospect of foreign companies ever mining here. I contract with 2 Russian mining companies and Thailand is blacklisted.

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37 minutes ago, legend49 said:

WE hope its good news for Kingsgate. This issue has killed any prospect of foreign companies ever mining here. I contract with 2 Russian mining companies and Thailand is blacklisted.

Yes, sad really. Thai people get the government they deserve & the government gets the outcomes it deserves.

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1 hour ago, mfd101 said:

Yes, sad really. Thai people get the government they deserve & the government gets the outcomes it deserves.

Rather better than the bullying neighbours to the North, though.

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Time to get tough with foreign miners. Letting them pillage the country's natural resources as well as pollute the place and drive residents away from their homes, residents who are lucky if they have not been poisoned or killed by the mine's tailings....

If I were czar of all czars, there would be no foreign miners in Thailand. Thai land for the Thais.

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38 minutes ago, Pedrogaz said:

Time to get tough with foreign miners. Letting them pillage the country's natural resources as well as pollute the place and drive residents away from their homes, residents who are lucky if they have not been poisoned or killed by the mine's tailings....

If I were czar of all czars, there would be no foreign miners in Thailand. Thai land for the Thais.

So a company owned 51% by Thais you want 100% owned by Thais can mine and pollute the environment?  Great logic.

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8 hours ago, webfact said:

“We can assure you that our mining operations do not harm people’s health and environment,” Siroj said.

Looking at the 2nd largest hole in Thailand that's a strange statement to make...

The largest hole is (without naming names) east of Bkk down the coastline a bit!!!!

 

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1 hour ago, Pedrogaz said:

Time to get tough with foreign miners. Letting them pillage the country's natural resources as well as pollute the place and drive residents away from their homes, residents who are lucky if they have not been poisoned or killed by the mine's tailings....

If I were czar of all czars, there would be no foreign miners in Thailand. Thai land for the Thais.

Fair enough nothing wrong with controlling your own country but given the current Chinese invasion you are dreaming in technicolor.

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1 hour ago, Pedrogaz said:

Thai land for the Thais.

The gold mine enterprise was created through the Thailand-Australian Free Trade agreement signed by the Thailand government. How is that Not Thai land for the Thais? Your issues should be directed to the Thai government, not foreign investors.

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8 hours ago, webfact said:

THE REPRESENTATIVE of a shutdown gold mining company hopes he will be given a chance to kick off negotiations with the new industry minister.

Maybe new minister but still "old" PM Prayut who shutdown the mine by invoking Article 44.

Probably the only true illegal use of Article 44 since Prayut's term as PM. It was illegal because the Thailand-Australia Free Trade Agreement precludes any government intrusion into the operation except through binding arbitration.

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This has to be one of the most shameful things to happen in Thailand for a long time.....Ok the Junta had a major hard-on to shut this mine down ok fair enough......Buy them out and shut it down....

Only an absolute dictator would kick them out with no compensation...

 

And the reason they were kicked out has never been made clear...I dont buy the environmental hogwash for 1 second...

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