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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, 28 April 17
U.S PRODUCED LESS COAL THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14 million short tons ( ...
Friday, 28 April 17
DELTA DUNIA RECORDED $24 MILLION NET PROFIT FOR FIRST QUARTER OF 2017; UP 700% Y/Y
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the first quarter of 2017 yesterday. According to the ...
Thursday, 27 April 17
PACIFIC IS SOFTENING WITH MORE TONNAGE OPENING AND LESS COAL ORDERS AROUND - FEARNLEYS
Supramax
Relatively slow week, with both basins showing signs of cooling down. Although grain cargoes out ECSA and ECCA on Ultras still delivered ...
Wednesday, 26 April 17
IRON ORE PRICES HAVE BEEN ON A ROLLERCOASTER RIDE OVER THE LAST MONTH - CHRISTOPHER WHITTY
Iron ore prices have been on a rollercoaster ride over the last month. Prices started the year on a very positive note, surging up to their highest ...
Tuesday, 25 April 17
FIONA POUNDS: VALID TENDER OF NOTICE OF READINESS
KNOWLEDGE TO ELEVATE
In the recent English High Court case of MV Arundel Castle1, the Judge ruled that a vessel, that could not immediately pr ...
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- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Planning Commission, India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
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