An Australian gold mine company is seeking measures to file for compensation from the Thai government, which it claimed violated the Thailand-Australia Free Trade Agreement (TAFTA) by ordering the closure of its gold mine in Phichit.
Kingsgate Consolidated chief executive Greg Foulis said on Monday that the company will submit a petition to the prime minister asking for a meeting on the implementation of TAFTA, after 11 months of failed attempts to meet with Thai government officials.
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Foulis said that the company has to seek measures to protect its rights on investment support and protection under TAFTA to mitigate the problems from the Chatree gold mine closure.
He said that if there is no mutual conclusion from the discussion, the company will proceed to international arbitration.
“The company is still looking forward to meeting and discussing mutual solutions with the Thai government as we invested in Thailand for more than 15 years,” he said in a statement.