Gold mining in Thailand
Thailand is met in different ways gold connected. The ancient name Siam in Sanskrit refers to gold and the Chinese word Jin Lin calls Thailand peninsula for gold. In the name Suvarnabhumi, the word gold appears in the first part of the name. But where does this gold come from?
One of the areas where gold is mined is the provinces of Phichit and Phetchabun. The Australian Mine Company Kingsgate is the driving force behind Akara Resources in Thailand.
However, due to complaints from residents in the area about health and environmental damage, the Thai government has decided to close the gold mine no longer to be operated. Prime Minister Prayut made use of Article 44 and mining was stopped.
It is clear that the Kingsgate company is going to court with this decision. The company indicates that no toxic substances have entered the soil water and have affected the rice fields. The Chatree mine employs about 1000 people and was the largest mining company in Thailand. The mining of this mine started in 2001 and permission was granted until the year 2028. The government decree is unlawful and causes great economic damage. The first court hearing was supposed to take place in Hong Kong, but has not yet started. Another option would be to resolve this impasse through consultation; it didn't get that far either.
The director of the Kingsgate Company has already stated in 2017 that this (illegitimate) closure is an important test case for investment and free trade with Thailand. The Free Trade Agreement (TAFTA) is coming under great pressure as a result. This TAFTA agreement states that full compensation must be paid in the event of expropriation. If the mine had remained open until the permitted period, this would have yielded at least 30 billion Baht.
The Kingsgate company has filed a $200 million insurance claim for involuntary closure due to political interference. However, the insurer does not agree. The company is now taking the insurance company to court. By mutual agreement they would arrive at an amount of 55 million dollars, although the last word has not yet been said.
For gold lovers, there is always the option of going to Laos to the city of Vientiane. Many Thai traders buy their gold there.
Source: Hello das Magazin