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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, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
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- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- The University of Queensland
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
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