[ad_1]
King Gate said the Thai government had the green light to remove 4,750 ounces of gold ore, 34,800 ounces of silver ores worth $ 14 million, or about 300 million baht, before royalty charges from the mine. . Reflect honestly on the negotiations to find an agreement.
On September 10, 2020, the King Gate Bastardo company issued a statement regarding the gold ore that has been stored in the Chatree gold mine, stating that
King’s Gate Consolidated Limited (“Kingsgate” or the “Company”) is pleased to report that Akara Resources, a subsidiary of the Company, is pleased to announce that Akara Resources Limited has been established. Licensed by the Thai government to sell high value gold and silver “minerals”, which are safely stored at the Chatree Gold Mine, to a Thai smelter for processing into fine gold and silver.
The ore is a material that has been cleaned from tanks and processing plants following the closure of the Chatree gold mine on December 31, 2016 and is, and is, always recognized as the property of Agra Resources.
The resulting mineral contains approximately 4,750 ounces of gold and 34,800 ounces of silver and is valued at approximately A $ 14 million to A $ 2,678 per ounce of gold (as of September 9, 2020) before royalties, shipping and smelting.
Agra Resources agreed to a condition with Thai smelters to implement a new legal smelting process that requires gold mined in Thailand to be smelted in Thailand. Which has already started transporting ore to the smelter.
While this operation has been outstanding for a long time. Kingsgate sees it as a small but positive step. And it appears to be an act of good faith that shows the new intention of the Thai government to carry out negotiations to find an agreement between the parties. Which is a process at King’s Gate Consolidated Limited has long supported it.
This is AU $ 14 million. The amount is approximately 318 million baht in Thai baht.
The dispute between Kinggate and Thailand arose after General Prayut Chan-o-cha, head of the National Council for Peace and Order, or NCPO, issued an order to suspend gold mining operations across the country as of 1 January 2017, after which King Gate Company made Notice from the Thai government requesting to exercise the right to argue under the Thailand-Australia FTA on April 3, 2017, while negotiations for both parties are already underway. Before the matter enters arbitration class
Meanwhile, on Aug 29, 2020, Wissanu Krea-ngam, Deputy Prime Minister Give an interview that If political parties came out asking for Gen. Prayut He is responsible for the costs of the case against King Gate, the parent company of Agra Resources Company Limited, in the case of Section 44 to close the gold mine the government does not use M 44 to close the mine. But temporarily stop mining operations until there is New Minerals Law Then go in and ask permission to continue again. As there are many problems such as environmental issues Including the invasion of some areas There were also complaints of fraud. Which is being reviewed by the National Anticorruption Commission (NACC).
