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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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Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
Friday, 30 December 16
US WEEKLY COAL PRODUCTION TOTALS 15.2 MMST, DOWN 3.1% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million sho ...
Thursday, 29 December 16
CHINA AIMS TO CAP COAL-FIRED POWER CAPACITY AT 1,100 GIGAWATTS BY THE END OF 2020 - REUTERS
China aims to cap total primary energy consumption at around 4.4 billion tonnes of coal equivalent in 2017, the director of the National Energy Adm ...
Wednesday, 28 December 16
FINANCIAL MARKETS AND COMMODITY MARKETS HAVE ALREADY SHOWED CONSIDERABLE IMPROVEMENT AND RENEWED OPTIMISM - GEORGE LAZARIDIS
As 2016 nears to a close many will be breathing a heavy sigh of relief, having made it through one of the toughest years in this century and lookin ...
Wednesday, 28 December 16
BUMA SIGNED APPROXIMATELY US$ 493 MILLION WORTH OF MINING SERVICES CONTRACTS WITH PT ADARO INDONESIA AND PT ANGSANA JAYA ENERGY
COALspot.com: PT Delta Dunia Makmur Tbk. Has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA") has ...
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- Trasteel International SA, Italy
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- Electricity Authority, New Zealand
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- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
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- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
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- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
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- Economic Council, Georgia
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- White Energy Company Limited
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- India Bulls Power Limited - India
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- Mercator Lines Limited - India
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- Port Waratah Coal Services - Australia
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- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
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- Central Electricity Authority - India
- Carbofer General Trading SA - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Merrill Lynch Commodities Europe
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- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
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- Anglo American - United Kingdom
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- PTC India Limited - India
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- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
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- Parliament of New Zealand
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
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- The State Trading Corporation of India Ltd
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- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
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- IHS Mccloskey Coal Group - USA
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