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Wednesday, 04 April 12
CHURCHILL MINING TO ACCELERATE INTERNATIONAL ARBITRATION AGAINST INDONESIA
 Churchill Mining plc (AIM: CHL), advises that notations on the Indonesian Supreme Court's register of cases shows the Supreme Court has rejected the appeal by Churchill/Ridlatama, according to a statement posted on company's website.
The statement further said,
1. The notations only provide an indication as to what the Supreme Court's decision will be and are not the same as the Supreme Court handing down its decision.
2. Until the Supreme Court hands down its decision there is no binding and enforceable judgment. The 'handing down' is when the Supreme Court provides its written judgment. The Company does not know when this will happen.
The appeal was launched to overturn the decision by the Administrative Tribunal in Samarinda, East Kalimantan in relation to the revocation of the four mining licenses that comprise the East Kutai Coal Project (Churchill 75% interest).
Churchill Mining’s Chairman, David Quinlivan commented, “It’s disappointing to see this notation on the case register. We are determined to continue to seek a legitimate remedy for our shareholders and protect our rights as a foreign investor in Indonesia.”
When further information is available, the Company will provide an update on the Supreme Court's decision and, as appropriate, its steps in relation to the Civil Review of that decision, the statement further said.
International Arbitration under the United Kingdom - Indonesia Bilateral Investment Treaty
Churchill will now look to accelerate the filing of its claim at the International Centre for Settlement of Investment Disputes in Washington D.C. against the Republic of Indonesia. The Company has not received any response to its formal letter sent 22 November, 2011 to the Republic of Indonesia seeking an amicable and commercial resolution.
The letter highlighted that following a significant investment in exploration, Churchill identified a world class thermal coal deposit in East Kalimantan, only to be subjected to a sustained campaign designed to expropriate Churchill’s legitimate rights to develop this deposit.
The Company will now move its attention to preparing and filing a claim against the Republic of Indonesia for direct breaches of Indonesia’s investment laws and Indonesia’s obligations under international investment treaties.
The Company’s solicitors are already well advanced in the claim preparation and expect to file the Request for Arbitration shortly.
Source:Churchill Mining
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Monday, 13 February 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The current sentiment in the dry market resembles memories from the end of 2008, when the Baltic Dry Index closed at the level of 663 points on Dece ...
Sunday, 12 February 12
INDONESIA HAS ISSUED A REGULATION TO BAN THE EXPORT OF UNPROCESSED MINERALS AND METALS BY 2014
COALspot.com - The Indonesian government has finally issued a ministerial decree (7 Year 2012 dated 6 February 2012) to ban the export of unpro ...
Sunday, 12 February 12
THE BALTIC DRY INDEX CLIMBS 10.51%
COALspot.com - "The markets touched record lows not seen since mid 80’s. However there was some good news with signs of market recovery a ...
Saturday, 11 February 12
A SNAPSHOT ON THE ECONOMIC AND SHIPPING ENVIRONMENT - GOLDEN DESTINY
The week was highlighted with intense worries in the eurozone for Greece to secure its second bailout of $130billion by applying a ...
Saturday, 11 February 12
WILL HISTORY REPEAT ITSELF IN THIS SHIPPING CYCLE? - CLARKSONS / HELLENIC SHIPPING
A slightly dubious "best man" joke runs as follows… Best man (giving his wedding speech): "Have you noticed how history repeat ...
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- Parry Sugars Refinery, India
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- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
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- The University of Queensland
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- Ministry of Finance - Indonesia
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- Energy Link Ltd, New Zealand
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- Planning Commission, India
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- White Energy Company Limited
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- MS Steel International - UAE
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- GAC Shipping (India) Pvt Ltd
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- Economic Council, Georgia
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- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
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- SMG Consultants - Indonesia
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- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
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- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
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- Medco Energi Mining Internasional
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- European Bulk Services B.V. - Netherlands
- Australian Coal Association
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- Coal and Oil Company - UAE
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- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
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- Minerals Council of Australia
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- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
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- Indonesian Coal Mining Association
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