THURSDAY, March 28, 2024
nationthailand

‘No huge compensation’ over gold mine closure

‘No huge compensation’ over gold mine closure

Deputy Prime Minister Wissanu Krea-ngam has dismissed concerns that the Thai government will have to pay a huge amount in compensation to a private firm over the decision to close down its gold mine.

The mine, which was closed on January 1, was operated by Akara Resources.
“The firm has to date not submitted any demand for compensation,” Wissanu said on Monday. 
He added that the arbitration process had not yet been officially triggered.
Wissanu also pointed out that even if a demand for compensation or arbitration might later emerge, both sides could still negotiate. 
Furthermore, he said Akara Resources’ licence had still not been revoked. 
“It’s just that we have resolved not to renew its licence yet. This means the firm may have to fulfil some requirements before the renewal can take place,” he said. 

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