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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 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
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- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
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- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
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- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
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- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
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- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
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- Heidelberg Cement - Germany
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- The Treasury - Australian Government
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- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
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- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Wilmar Investment Holdings
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- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
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- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
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- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
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