Ann: Kingsgate settles PRI Claim for more than A$82 million, page-15

Loki this is one of the largest PRI payouts in commercial history. We don't know the details or how relevant the max US$200M coverage was in this situation so not sure what set your expectations so high? RSK has done an exceptional job is extracting such a material sum under the circumstances IMO.

Looking forward this was never going to max shareholder value as it needs to be paid back later in the year if the panel of international judges find in our favour under TAFTA. The Thai press have the sum at risk as 30B baht (or A$1.2B) if the Thai Government dig in. Although I see this as being a high case you also have to think even a low case will be well north of $200M award given the impact on not being able to mine 100K oz pa with an average EBITA of $80M for the previous 5 years before shut down.

The Thai Government and their legal advisers will be shocked by this Zurich settlement based on the same triggers as those under TAFTA. They'll also now know KCN have the backing of a major international institution. We have to ask ourselves whether this now brings an early settlement before November hearings given the sums at risk? I suspect this will depend on their election outcomes but not an easy thing to predict.

Last week I was thinking $1/share was still possible, now I thinking +$2 is back on the table.