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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, 21 November 16
CHINA IS ESTIMATED TO SEE HIGHEST IMPORTED COAL DEMAND LEVEL IN 2017, POLL SAYS
“Which country is estimated to see highest imported coal demand level in 2017?”
The on-line opinion poll conducted by COALsp ...
Monday, 21 November 16
KOMIPO IS LOOKING FOR 140K MT OF SUB-BITUMINOUS COAL FOR FEB-MAR 2017 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 140,000 Metric Tons of Sub-Bituminous coal for i ...
Monday, 21 November 16
BALTIC DRY INDEX SURGES TO 1257 POINTS W/E 18 NOV; BPI ROSE 37.3% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally continues this past week and ending on a positive n ...
Friday, 18 November 16
CAPESIZE: THE COMMODITIES PRICES ARE INCREASING, RESULTING IN MORE DEMAND AND CONSEQUENTLY RATES ARE MAKING A BIG JUMP - FEARNLEYS
Supramax
Apart from booming S. Africa where owners have obtained USD 14-15k to MEG/India and around mid USD 12k to China, the Pacific market has ...
Friday, 18 November 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.8 MMST, DOWN 0.8%, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
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- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Goldman Sachs - Singapore
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- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
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- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Central Electricity Authority - India
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- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
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- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Renaissance Capital - South Africa
- The University of Queensland
- Vizag Seaport Private Limited - India
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- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
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- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
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- Madhucon Powers Ltd - India
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- White Energy Company Limited
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
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- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
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- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
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