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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, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
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- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
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- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Australian Coal Association
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- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
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- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
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- Goldman Sachs - Singapore
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- The University of Queensland
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- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
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- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
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- Indian Oil Corporation Limited
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- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
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- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
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- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
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- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
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