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Kingsgate to seek compensation from Thailand over Chatree suspension

Kingsgate Consolidated Ltd. has decided to potentially take the Thai government to arbitration for "measures taken against the Chatree gold mine in violation of the Australia-Thailand free trade agreement," or TAFTA.

The company said April 3 that it will look for compensation, among other settlements, and has notified Thailand's Prime Minister that it wants to engage in consultations.

Kingsgate was forced to cease production at the Chatree mine Dec. 31, 2016, in compliance with the Thai government's decision to shutter operations.

According to the statement, the TAFTA consultations can take up to three months, while it is unclear how long international arbitration may take.