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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, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
Monday, 07 November 16
INDONESIAN COAL PRICE REFERENCE ROSE 59.57 PER CENT YEAR TO MONTH
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2013. The government declared benchmark prices for Indo ...
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- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
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