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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, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looki ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
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- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
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- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Marubeni Corporation - India
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- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
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- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
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- MS Steel International - UAE
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- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
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- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
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- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
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- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
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- Jorong Barutama Greston.PT - Indonesia
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- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
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- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
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- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
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- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
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- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
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- Toyota Tsusho Corporation, Japan
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