An Australian mining company announced on Thursday that it had failed to reach a settlement in a legal battle with the Thai government.
The dispute began when the National Council for Peace and Order (NCPO) closed a gold mine operated by Kingsgate Consolidated Ltd in Pichit on January 1st, 2017. In response, the company commenced arbitration proceedings under the Australia-Thailand Free Trade Agreement.
The company claimed that the closure had harmed their business in Thailand, resulting in substantial financial losses.
A statement read “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”
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