Kingsgate Consolidated (ASX:KCN) and the Kingdom of Thailand agreed to terminate arbitration proceedings under the Thailand-Australia Free Trade Agreement without issuance of an award after discussions with the Thai Government, according to a Thursday filing with the Australian bourse.

The tribunal recognizes the parties' agreement and will issue a termination order of the arbitration proceedings that began in 2017, the filing said.

Shares rose 3% in morning trade on Thursday.