Thai Industry Minister assures Cabinet resolution to end gold mining still stands

[webfact]

Industry Minister assures Cabinet resolution to end gold mining still stands



BANGKOK, 14 June 2016 (NNT) – The Ministry of Industry has corrected rumors being spread online that a Cabinet resolution to end gold mining in the country has been cancelled.

Industry Ministry Spokesperson Somchai Hanhiran has explained the misunderstanding was likely based on a recent amendment to the resolution, which altered some details of the decision, assuring that the order is still in effect.

The resolution was made between the Ministry of Public Health, the Ministry of Science and Technology, the Ministry of Natural Resources and Environment and the Ministry of Industry and cancelled the issuing of licenses for the surveying and mining of gold ore. The decision also barred an extension of Akra Resources’ permit to mine gold and compels it to shut down its operations.

On a mine stretching across Pichit, Pitsanulok and Petchabun provinces, the spokesperson said its license will last only until December 31 of this year to allow its employees to wind down their work.

-- NNT 2016-06-14

[Winniedapu]

Excellent. The more economic c0ckups the better...

W

[chainarong]

Excellent. The more economic c0ckups the better...

W

I'd like to give U a like winnie but hey Thailand needs investment, kicking it out isn't the way forward.

[chainarong]

The investment in Ankara at Phichit alone over the past two decades would be more than a billion dollars , and at least a quarter paid out in costly cockups by the government of the day , however this sends a signal to anyone wishing to invest in Thailand that this is the best they can do, after continued protests , since Ankara ( Thailand owned and run ) took control from Kingsgate (Australia ) ,no protests up to that point because they knew that Kingsgate would bring in Australian health and mining professionals, and I am lead to believe , not one protester has been sick , not one protester has been to hospital, and more than likely a week after the mine has been closed the same protesters will be in the pit specking for gold, one hopes that the protesters can offer employment to those who lose their jobs , not only have you got sovereign risk factor in Thailand , but an administration that prefers to close multinationals down, instead of bringing in outside professional advice..............................

[Winniedapu]

Excellent. The more economic c0ckups the better...

W

I'd like to give U a like winnie but hey Thailand needs investment, kicking it out isn't the way forward.

I have no qualms about it, there's a silver lining; any disadvantage to Thailand would quickly be reversed when they finally kick this shower of buffoons to the kerb.

W

[Winniedapu]

The investment in Ankara at Phichit alone over the past two decades would be more than a billion dollars , and at least a quarter paid out in costly cockups by the government of the day , however this sends a signal to anyone wishing to invest in Thailand that this is the best they can do, after continued protests , since Ankara ( Thailand owned and run ) took control from Kingsgate (Australia ) ,no protests up to that point because they knew that Kingsgate would bring in Australian health and mining professionals, and I am lead to believe , not one protester has been sick , not one protester has been to hospital, and more than likely a week after the mine has been closed the same protesters will be in the pit specking for gold, one hopes that the protesters can offer employment to those who lose their jobs , not only have you got sovereign risk factor in Thailand , but an administration that prefers to close multinationals down, instead of bringing in outside professional advice..............................

Indeed, I think this is just a bit of populist grandstanding - repatriation of jobs and profits. Short-termism with the current state of Thai skills and acumen.

W

[BuaBS]

Of course when the gold price doubles , triples , .... all bets are off .

[Winniedapu]

Of course when the gold price doubles , triples , .... all bets are off .

But by then I suspect companies will have learned not to do business in Thailand.

Or not. There never seems to be any shortage of suckers coming to the table. Never the same ones twice though...

When I was working in the UK, the company I worked for (for a while) was alleged to have something called the 93 bus ticket. The 93 bus travelled to Golders Green and was the bus to catch on your way to fame and fortune. Nobody every got rich of course, but every time the company employed another member of staff, they'd sell them the 93 bus ticket to kid them into thinking 'if you just do what we say, you'll get rich'.

Maybe Thailand has the same trick.The people of the company thought they were God's people, Thailand thinks it has a God looking after it, perhaps there is something in common.

W