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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, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
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- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- The Treasury - Australian Government
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- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
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- Mjunction Services Limited - India
- Commonwealth Bank - Australia
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- Baramulti Group, Indonesia
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- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
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- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
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- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
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- The University of Queensland
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- Australian Coal Association
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- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
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- Mintek Dendrill Indonesia
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- Global Green Power PLC Corporation, Philippines
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- Parry Sugars Refinery, India
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- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
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- Energy Development Corp, Philippines
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- Altura Mining Limited, Indonesia
- Planning Commission, India
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- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
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- Directorate General of MIneral and Coal - Indonesia
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- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- White Energy Company Limited
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
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- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
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- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
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- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Carbofer General Trading SA - India
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- Posco Energy - South Korea
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
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