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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, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
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- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Planning Commission, India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- The University of Queensland
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
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