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Australian miner pockets $58 million under political risk policy

Open pit mine

Australia-based miner Kingsgate Consolidated Ltd. received insurance $82 million Australia ($58.5 million) in payouts under its political risk policy after Thailand ordered the company to prematurely close its Chatree gold mine, Stockhead reported. Ross Smyth-Kirk, chairman of Kingsgate, said that the firm was fighting the Thai government and its insurers for compensation and the settlement with Zurich Australian Insurance Ltd. solves Kingsgate's money problems.

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