The international arbitral tribunal has postponed till Dec thirty-one its decision on the dispute between the authorities and Australia’s Kingsgate Consolidated Ltd within the Chatree gold mines, during which time negotiations between two parties are required to have wrapped up.
The deferred decision has been reported to the cabinet yesterday by the Ministry of Industry, which is required to update the cabinet on the issue every month, said Wissanu Krea-ngam after the conference yesterday.
As negotiations carry on there are two possibilities, he said.
Kingsgate might win permission in order to resume operating the gold mines the moment it submits the request and fully complies with Thailänder law, or it may agree to drop the petition against the govt before the tribunal’s choice is known, he added.
Suspended about five years ago under an order by the now-defunct Nationwide Council for Serenity and Order (NCPO) over health and environmental concerns, the gold mines operated by Akara Resources Plc, a sister corporation of Kingsgate, within Phichit, Phitsanulok plus Phetchabun apparently seem like they will reopen in the near future, according to a source.
Teams associated with engineers are examining the condition of the mines and assessing what needs to be repaired as they have been shut to get so long, while the recruitment plan continues to be put in place to find new workers in the twenty nine or so villages close by, said the source.
“Considering all these developments, the mines are expected to reboot between late this season and early next year, ” the source added.
Kingsgate had in 2017 commenced international arbitration proceedings against Thailand under the Australia Thailand Free Trade Contract (Tafta) to recover significant losses resulting from the particular allegedly unlawful expropriation of the Chatree precious metal mines in 2016, and other measures taken against the company’s covered investments in Thailand.
The business has demanded thirty billion baht within compensation.
The tribunal completed its arbitration hearings on Feb 12, 2020, but provides yet to make its decision known whilst urging both parties to negotiate.