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Kingsgate shares soar on Thai gold mine insurance claim settlement

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Kingsgate shares soar on Thai gold mine insurance claim settlement

Kingsgate Consolidated Ltd.'s shares had surged over 43% by March 18 trading close on the ASX after the company said it will receive over A$82 million as settlement of proceedings against its political risk insurers.

The company said March 18 that it had a political risk insurance policy in place when the government of Thailand illegally expropriated Kingsgate's Chatree gold mine in May 2016.

Under a binding heads of agreement, Kingsgate will receive a cash payment of US$55 million by mid-April. The insurers are required to contribute up to US$3.5 million of future costs toward arbitration around the Thailand-Australia free trade agreement.

The company will also sign a sharing agreement with the insurers for future distributions of the proceeds of the Thailand-Australia free trade agreement.

Executive Chairman Ross Smyth-Kirk said Kingsgate will use the funds to fully pay out the corporate debt facility and provide liquidity to the company to maximize the value of the Nueva Esperanza project through further development or sale.