Kingsgate still targeting compensation

KINGSGATE Consolidated says it will be reengaging with the Thai government to “look for a mutually beneficial outcome”, though the ASX company also said it was not interested in any outcome being reached at the expense of giving up its rights to compensation.

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Kingsgate claims that this strategy is in stark contrast to that pursued by disgruntled shareholder Metal Tiger, which was said to be open to “negotiate(ing) a deal with the Thai government to re-open Chatree without necessarily obtaining any compensation for the significant losses suffered … as a result of the mine’s unlawful closure”.

A board spill motion put to shareholders by Metal Tiger was narrowly defeated by the incumbents earlier this month.

Back in October Kingsgate announced it was commencing proceedings in the Supreme Court of New South Wales against Zurich Australia and other insurers under a US$200 million political risk insurance, while in November it flagged international arbitration proceedings against...