Australian miners committed to stay in Thailand
13-OCT-2008 Intellasia | Bangkok Post.com
Oct 13, 2008 - 7:00:00 AM
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Australian mining investments in Thailand will continue despite political turmoil but more Thai government support is needed to help develop the industry, according to Damri Sukhotanang, the permanent secretary of the Industry Ministry.
Paul Grigson, the Australian ambassador to Thailand, made the comments in a meeting yesterday with Industry minister Pracha Promnok, Damri said.
''They have expressed interest to explore further for metal ores here. They have expertise in mining and have invested in a number of mining projects in Thailand,'' Damri said.
According to sources from the Primary Industries and Mines Department, the ambassador expressed particular interest in the gold-mining venture of Akara Mining, which is 48% owned by Kingsgate Consolidated NL of Australia.
Akara, the country's largest gold miner, is in the process of meeting all requirements before seeking a new mining permit from the Thai government.
''It is working to gain local administrative permission and environmental impact assessment (EIA) approval, requirements necessary for mining permit submission,'' a source said.
It is expected that once Akara obtains a licence, it will present its project investment plan to the Board of Investment (BoI) for investment privileges.
Hiranya Suchinai, the senior executive investment adviser to the BoI, expects Akara to spend billions of baht once it is granted a mining licence.
She said the BoI also supported Australian investor interest in airplane repair and maintenance services in Thailand, given the high demand.
To date, the BoI has granted privileges to only one US-based investor in the aircraft maintenance business. More applicants would be welcome as it is a high-technology field that could result in technology transfers to local engineers and build benefits for related business, she said.
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