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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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Thursday, 17 November 16
FROTHY THERMAL COAL PRICES POINT TO DOWNSIDE PRESSURES IN 2017 - FITCH
Fitch Ratings says in an Outlook Report that the Asian thermal coal industry will remain under pressure in 2017 due to more-than-adequate capacity ...
Thursday, 17 November 16
CHINA STEEL EXPORTS TO REMAIN HIGH IN 2017, FITCH SAYS
Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tons (Mt) in 2017, due to flat 'apparent' consumption an ...
Wednesday, 16 November 16
SHIPPING MARKET INSIGHT
Going through a relatively interesting second half of the year so far in the ship repair sector, we are experiencing a volatile climate of differen ...
Tuesday, 15 November 16
CHINA, FOR MANY YEARS NOW HAS SERVED AS A MAJOR GROWTH ENGINE FOR ASIA - ALLIED SHIPPING RESEARCH
It’s been a turbulent couple of days after the announcement of the U.S. Presidential results in the early hours of Wednesday.
After week ...
Monday, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
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- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- The University of Queensland
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
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