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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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Friday, 07 July 17
EIA ESTIMATES SHOW U.S WEEKLY COAL PRODUCTION UP 1.7 PERCENT
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.9 million short tonn ...
Thursday, 06 July 17
SUPRAMAX: INDO TO INDIA TRIPS WITH DELIVERY THAILAND RANGE IS GIVING OWNERS AROUND MID $8000 - FEARNLEYS
Supramax
Another slow start to the week with somewhat softening rates and few fixtures.
According to Fearnleys Weekly Dry bulk report, the N ...
Thursday, 06 July 17
UNEXPECTED MOVE FROM CHINA BOOSTS COAL PRICES - OIL PRICE
Coal prices have been cooling the last few months — after a spectacular run last year. But news late last week suggests the market is about t ...
Wednesday, 05 July 17
COAL PRICES ROSE IN CHINA, JAPAN AND EUROPE IN 2016 - BP
COALspot.com: Coal prices rose in China, Japan and Europe in 2016 after four years of price declines.
According to bp, the rise in coal prices ...
Wednesday, 05 July 17
TANKER MARKET INSIGHT - KATERINA RESTIS
A war of words blasted last month as the UAE, S. Arabia, Egypt and Bahrain revealed that they are experiencing severe diplomatic issues with the st ...
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Showing 2011 to 2015 news of total 6871 |
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- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
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