Kingsgate receives settlement monies from Insurers
Kingsgate Consolidated Limited (“Kingsgate” or the “Company”) is delighted to announce that it has now received in full US$55 million from its Political Risk Insurers after settling proceedings against them last month.1
Executive Chairman of Kingsgate, Mr Ross Smyth-Kirk, today said “it marks a real turning point for the Company.
“It enables us to clear all our corporate debt, carefully consider our strategy around our Nueva Esperanza Project in Chile, and work together with the Insurers to fully prosecute the TAFTA2 Claim.”
Kingsgate Consolidated Limited
- 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; and
- The Australia – Thailand Free Trade Agreement (“TAFTA”).