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KCN, KINGSGATE CONSOLIDATED LIMITED
blacksheep
post Posted: Mar 18 2019, 02:09 PM
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In Reply To: blacksheep's post @ Aug 18 2017, 03:46 PM

Kingsgate settles Political Risk Insurance proceedings for more than A$82 million
QUOTE
Kingsgate Consolidated Limited (“Kingsgate” or the “Company”) is delighted to
announce that it has settled proceedings against its Political Risk Insurers
(“Insurers”) by entering into a legally binding Heads of Agreement (“HOA”).
Kingsgate had a Political Risk Insurance Policy in place at the time it is alleged that
the Government of Thailand illegally expropriated its Chatree Gold Mine in May
2016. (“TAFTA Claim”)1

The HOA provides for a settlement to Kingsgate worth more than A$82 million2
comprising:

• A cash payment of US$55 million to be made to Kingsgate by mid-April 2019;
• A requirement for the Insurers to contribute up to US$3.5 million of future
costs towards the TAFTA Arbitration. The Insurers funding contribution will be
paid on a pro-rata basis with Kingsgate; and
• A sharing arrangement between Kingsgate and the Insurers for future
distributions of TAFTA Claim proceeds

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 18 2017, 03:46 PM
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Some good news for holders today - no doubt some will take the opportunity to get out. SP up 36.36%

QUOTE
Update on Claim against Kingdom of Thailand

Representatives of Kingsgate Consolidated Limited (ASX:KCN) ("Kingsgate" or the "Company") have met
with representatives of the Royal Thai Government to discuss a possible settlement of the Company’s
claims against the Kingdom of Thailand under the Australia-Thailand Free Trade Agreement ("TAFTA").

Shortly before the meeting, the Company was informed that the Thai Government had lifted the
“temporary suspension” of the Chatree Mine, which is operated by the Company’s subsidiary, Akara
Resources Public Company Limited ("Akara"). Further, Kingsgate was advised that Akara’s application for
renewal of its Metallurgical Processing Licence, which expired on 31 December 2016, could now be
processed.

However, it subsequently became clear that the Thai Government would not be offering any monetary
compensation for the substantial losses that Kingsgate has already suffered as a result of the unlawful
closure and expropriation of the Chatree Mine, nor for the substantial expenses that would be incurred in
connection with restarting operations at Chatree (if an appropriate framework for doing so was able to be
agreed with the Thai Government).

Nevertheless, Kingsgate was informed that the Thai Government may be willing to provide other
meaningful benefits in consideration of the shut-down of the Chatree Mine.

In light of the foregoing, the Kingsgate board has determined that it is in the interests of the Company to
further explore this matter, together with a number of other unresolved issues.

Accordingly, Kingsgate has reserved its legal position under TAFTA and allowed a further limited period of
dialogue with the Thai Government


http://www.theage.com.au/business/mining-a...818-gxz9g9.html
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: triage  
 
balance
post Posted: May 11 2016, 03:33 PM
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In Reply To: triage's post @ May 11 2016, 07:26 AM

My thought exactly T. Corruption will have its way.



--------------------
Day Trader: Lowest form of life in the known universe.
Shorter: Can limbo under a day trader.
Investor: Salt of the Earth.Sits to the right of God (Warren Buffet)
Share prices are only ever manipulated down.
Paper losses are not really losses.
Chat site posters always know better & know more than anyone about anything.
I'm 29.
The cheque is in the mail.
 
triage
post Posted: May 11 2016, 07:26 AM
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In Reply To: balance's post @ May 11 2016, 12:29 AM

Mr b

I doubt if the local jobs will be lost for too long. Whichever Thai insider has been angling to take over the Chatree operation for peanuts for years now will finally get what he wants and he will miraculously come to an agreement with the local agitators allowing the mine to get up and running soon enough imo. It is a bit like Lafayette in the Philippines, they lost their mine on trumped up charges but soon after it was operating under Korean control.




--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 
balance
post Posted: May 11 2016, 12:29 AM
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In Reply To: balance's post @ Mar 12 2015, 03:35 PM

Well, this is going to hurt.

http://mobile.abc.net.au/news/2016-05-11/t...ut-down/7403014.

Not a holder. It's a disappointing outcome for all involved. Lots of jobs lost without definitive proof of the cause of the problems.



--------------------
Day Trader: Lowest form of life in the known universe.
Shorter: Can limbo under a day trader.
Investor: Salt of the Earth.Sits to the right of God (Warren Buffet)
Share prices are only ever manipulated down.
Paper losses are not really losses.
Chat site posters always know better & know more than anyone about anything.
I'm 29.
The cheque is in the mail.
 
balance
post Posted: Mar 12 2015, 03:35 PM
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Posts: 5,580
Thanks: 584


No movement regarding Akara listing on the SET as yet.
here



--------------------
Day Trader: Lowest form of life in the known universe.
Shorter: Can limbo under a day trader.
Investor: Salt of the Earth.Sits to the right of God (Warren Buffet)
Share prices are only ever manipulated down.
Paper losses are not really losses.
Chat site posters always know better & know more than anyone about anything.
I'm 29.
The cheque is in the mail.

Said 'Thanks' for this post: triage  
 


balance
post Posted: Mar 2 2015, 06:26 PM
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In Reply To: triage's post @ Mar 2 2015, 04:56 PM

Thai news article. and another here.



--------------------
Day Trader: Lowest form of life in the known universe.
Shorter: Can limbo under a day trader.
Investor: Salt of the Earth.Sits to the right of God (Warren Buffet)
Share prices are only ever manipulated down.
Paper losses are not really losses.
Chat site posters always know better & know more than anyone about anything.
I'm 29.
The cheque is in the mail.

Said 'Thanks' for this post: triage  
 
triage
post Posted: Mar 2 2015, 04:56 PM
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Posts: 3,754
Thanks: 1506


Good news on KCN (which counters the disappointing outcome for CFU holders).

Well the Thai officials have apparently accepted the independent experts' report that the Chatree mine is not associated with the "slightly elevated" arsenic and manganese readings in local villagers, and consequently the mine was allowed to begin operating again last Friday. The company has come out this morning with what I think is a very strong statement saying that they used the downtime to bring forward some major maintenance work and they think they still have a decent shot at meeting annual production targets. Their cash stash dropped from $67m to $60m during the shutdown at Chatree and this even allowed for them to meet their debt repayment schedule. With the aud gold price fairly high even the Challenger mine may be paying its way (?).

Now that it seems that this dispute has been resolved I hope Kingsgate gets quick approval from the Thais for them to float off the local subsidiary on the Thai stock exchange so that they bring in the funds to seriously hook into their Chile mine prospect (which looks to be an absolute belter).



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 
surfer
post Posted: Jan 16 2015, 12:26 PM
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Suspension from Official Quotation as from today pending further announcement

 
balance
post Posted: Nov 26 2014, 04:29 PM
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In Reply To: triage's post @ Nov 26 2014, 01:38 PM

Thanks for the report triage.

I still look at this at times and still await moves in Thailand. The current regime is a dangerous joke so don't expect anything from them. They are too busy banning the reading of 1984 in public, the 3 fingered salute they use in the Hunger games and gatherings of more than a few people.



--------------------
Day Trader: Lowest form of life in the known universe.
Shorter: Can limbo under a day trader.
Investor: Salt of the Earth.Sits to the right of God (Warren Buffet)
Share prices are only ever manipulated down.
Paper losses are not really losses.
Chat site posters always know better & know more than anyone about anything.
I'm 29.
The cheque is in the mail.
 
 


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