Bangkok: Thanakorn announced “end of case without judgment” to move forward to build investor confidence.
According to Thai News Agency, Ms. Lalida Periswiwattana, Deputy Government Spokesperson, disclosed that the long-standing “Thai-Kingsgate” dispute has been resolved by the government, supervised by Mr. Thanakorn Wangboonkongchana, Minister of Industry. The resolution does not require an arbitration award, marking a pivotal move to mitigate national risks and enhance long-term investor confidence in Thailand’s investment system.
The deputy spokesperson highlighted that the arbitration panel confirmed “no judgment is required,” following a mutually beneficial agreement between the parties within the framework of Thai law and international environmental, regulatory, and safety standards. Minister Thanakorn has been a proponent of addressing the gold mining issue methodically, aiming to balance environmental protection with community economic growth.
Minister Thanakorn has directed the Ministry of Industry to maintain transparency and prudence in every action, emphasizing the importance of engaging with all sectors, especially communities near mining sites. He has also called for improved regulatory measures for mining operations across the country to avert potential environmental and public health challenges.
Meanwhile, Akara has adhered to the licensing procedures under the Minerals Act 2017 and complied with environmental regulations, allowing it to resume operations in 2023 under tighter monitoring.
Minister Thanakorn asserted that the resolution boosts global investor confidence by demonstrating Thailand’s respect for international laws and standards.
Mr. Thanakorn affirmed that the legal settlement serves the country’s best interests, diminishing the risk of international disputes, and verifying that Thailand’s mining regulatory system is transparent, fair, and environmentally conscious, aligning with international standards.
“The government is advancing to safeguard national interests while fostering a stable and reliable investment climate, ensuring Thailand remains a prime destination for mining and related industries,” Thanakorn stated.