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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, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
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- MS Steel International - UAE
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- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
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- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
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- Karbindo Abesyapradhi - Indoneisa
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- Bulk Trading Sa - Switzerland
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- Gujarat Electricity Regulatory Commission - India
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- Therma Luzon, Inc, Philippines
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- The University of Queensland
- Parliament of New Zealand
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- PTC India Limited - India
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- Thiess Contractors Indonesia
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- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
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- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
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- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
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- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
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- Simpson Spence & Young - Indonesia
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- Aditya Birla Group - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
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- Alfred C Toepfer International GmbH - Germany
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Economic Council, Georgia
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- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
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- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
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- Bhoruka Overseas - Indonesia
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- Global Business Power Corporation, Philippines
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- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
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- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
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- Anglo American - United Kingdom
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- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
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- European Bulk Services B.V. - Netherlands
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