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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, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
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 ...
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- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Planning Commission, India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
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