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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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Wednesday, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
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- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
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