Kingsgate Consolidated Shares Fall 3% After Thai Court Orders Unit to Pay Around AU$3 Million in Compensation

MT Newswires Live

Mar 26

Kingsgate Consolidated (ASX:KCN) shares fell 3% in early trading on Thursday after it said late on Wednesday that the Thai Civil Court (Environmental) issued a judgment requiring its subsidiary, Akara Resources, to pay up to around A$3 million in monetary compensation in aggregate to plaintiffs under a class action lawsuit.

It said that it will be appealing the decision and that the boards of Kingsgate and Akara do not agree with the findings of the court and consider that it is based on inconclusive evidence.

Kingsgate Consolidated said that the legal matter is historic and is not expected to impact current and future operations at the Chatree gold mine.

It added that Chatree is managing its fuel requirements effectively despite the "challenging economic environment."

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