Kingsgate insurers pay out

ASX-listed Kingsgate Consolidated has received $55-million from its political risk insurers after settling a legal dispute with the company. Kingsgate in March signed a binding heads of agreement with its insurance providers agreeing to a settlement that included the $55-million cash payment, and a requirement for the insurer to contribute up to $3.5-million on future costs towards the arbitration with the Thai government around the expropriation of the Chatree gold mine, and a sharing arrangement between Kingsgate and the insurer on the future distribution of the claim proceedings against the Thai government.