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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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Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
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- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Planning Commission, India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
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- LBH Netherlands Bv - Netherlands
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- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
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- Thiess Contractors Indonesia
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- Indogreen Group - Indonesia
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- Standard Chartered Bank - UAE
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- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
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- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
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- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
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