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Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
 The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the Churchill claims for damages arising out of the revocation of the mining licenses that made up the East Kutai Coal Project in East Kalimantan (“EKCP”) Indonesia.
According to Churchill, the Tribunal’s decision has included the following findings:-
(1) Thirty four (34) disputed documents were held to be not authentic;
(2) The forger of the disputed documents was most likely a person or persons acting for or on behalf of Churchill’ s Indonesian partner the Ridlatama group in collusion with a person inside the East Kutai Regency;
(3) There was no finding that Churchill or its officers were involved in any forgery;
(4) Churchill’s due diligence investigations conducted at the time of acquiring the East Kutai Coal licenses were insufficient ;
(5) The claims brought by Churchill in this arbitration are dismissed; and
(6) Churchill is ordered to pay a total of USD 9,446,528 in costs and arbitration tribunal fees.
According to media reports, Churchill's 100%-owned Australian subsidiary Planet Mining Pty, which via its 5% shareholding in PT Indonesia Coal Development also held an interest in the East Kutai Coal Project, has also filed for arbitration at ICSID.
In February 2014, the ICSID ruled in Churchill’s favour, enabling it to pursue the claim for damages against the Indonesian government.
According to the document posted on company's website, the Churchill Chairman David Quinlivan said “ We are obviously extremely disappointed by the Tribunal’s decision and the fact that the Tribunal drew no adverse inferences against Indonesia following the refusal by Mr. Isran Noor to attend the August 2015 hearing so that he could be cross-examined and the refusals by Indonesia to provide documents that the Tribunal itself considered prima facie relevant. While we are still reviewing the reasons, the Tribunal appears to have accepted that Mr. Noor was deceived into signing the exploitation licenses despite his non-appearance and his witness statement having been struck from the record. Indonesia has always conceded that the EKCP exploitation licenses were validly issued and signed and it is difficult to understand how the Tribunal found otherwise on the evidence available."
According to Churchill, the ICSID process allows Churchill to request annulment of the award by an application in writing addressed to the Secretary-General on the following grounds:
(i) that the Tribunal was not properly constituted;
(ii) that the Tribunal has manifestly exceeded its powers;
(iii) that there has been a serious departure from a fundamental rule of procedure; or
(iv) that the award has failed to state the reasons on which it is based.
Churchill believes there are grounds to annul this award and is working with its lawyers Clifford Chance LLP to determine which of the above grounds may be available.
As part of that application, Churchill would seek a stay of the costs orders that have been made. As referred to above, Churchill has been ordered to pay a total of USD 9, 446,528 in costs and arbitration tribunal fees and accordingly the suspension in trading of the Company’s shares on AIM will remain in place pending clarification of the Company’s financial position.
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Thursday, 13 July 17
SUPRAMAX: NICKEL ORE TRIPS TO CHINA VIA PHILIPPINES WITH DELIVERY S. CHINA IS PAYING AROUND MID $9000 - FEARNLEYS
Supramax
COALspot.com: Another slow start to the week with somewhat softening rates and few fixtures.
Nickel Ore trips to China via the Phil ...
Wednesday, 12 July 17
COAL HAS CONTINUED A STELLAR RUN OVER THE PAST YEAR GAINING ~10% OVER THE PAST QUARTER AND ~41% OVER THE PAST YEAR - LINOS KOGEVINAS
Having just passed the second quarter of 2017, it is interesting to take a look at the performance of the commodity market and how certain commodit ...
Monday, 10 July 17
A ROLLERCOASTER YEAR FOR COAL PRICES; ICPR ROSE 4.62% M/M
COALspot.com: Indonesian coal benchmark price rose 4.62% in July, government data showed.
The benchmark price of Indonesian thermal c ...
Monday, 10 July 17
THE FREIGHT MARKET WAS SHOWS A NEGATIVE TREND WEEK OVER WEEK
COALspot.com: The Freight market decline this past week compared to the previous week, as BDI and Cape indexes show a negative trend week over week ...
Friday, 07 July 17
SHOULD WE BE AVOIDING GENERAL AVERAGE? - ALEX KEMP
KNOWLEDGE TO ELEVATE
Calls for general average to be abolished are nearly as old as the regime itself. A representative of Lloyd’s atten ...
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Showing 2006 to 2010 news of total 6871 |
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- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Aditya Birla Group - India
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
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