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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 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Wednesday, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
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- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
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