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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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Wednesday, 05 July 17
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U.S. WEEKLY COAL OUTPUT SLIGHTLY DOWN
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Monday, 26 June 17
PANAMAX/KAMARMAXES HAD A STRONG WEEK WITH RATES RISING IN MOST AREAS OF THE MARKET - BALTICEXCHANGE
Capesize
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Friday, 23 June 17
U.S. WEEKLY COAL PRODUCTION TOTALED APPROXIMATELY 15.8 MMST; UP 1.8% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.8 million short tonn ...
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Showing 2016 to 2020 news of total 6871 |
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- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Goldman Sachs - Singapore
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- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
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- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
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- Planning Commission, India
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- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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- Bangladesh Power Developement Board
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- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
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- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
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- Bulk Trading Sa - Switzerland
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- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
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- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
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- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
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- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
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- Indika Energy - Indonesia
- Heidelberg Cement - Germany
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- SMG Consultants - Indonesia
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- Straits Asia Resources Limited - Singapore
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- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
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- Ministry of Transport, Egypt
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
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- GVK Power & Infra Limited - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
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- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Minerals Council of Australia
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
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- Kideco Jaya Agung - Indonesia
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- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- MS Steel International - UAE
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