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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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Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
Monday, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
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- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Australian Coal Association
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
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