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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, 01 September 16
SUPRAMAX GETTING LEVELS OF MID/HIGHER 7K DELIVERY SINGAPORE FOR TRIPS TO CHINA AND AROUND 9K FOR DIRECTION INDIA - FEARNLEYS
Supramax
This week started slower with London on bank holiday Monday. The south east Asian market seems to have been taking a breather with chart ...
Thursday, 01 September 16
AUSTRALIA'S NEWCASTLE PORT SHIPPED 2.33 PERCENT MORE COAL IN JULY
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.10 bill ...
Wednesday, 31 August 16
THE DRY BULK MARKET MANAGED TO FIND FURTHER SUPPORT DURING THE LAST DAYS OF THE SUMMER SEASON - INTERMODAL
The Dry Bulk market managed to find further support during the last days of the summer season, with the BDI climbing above 700 last Friday, reachin ...
Tuesday, 30 August 16
THE SUDDEN SURGE IN IRON ORE TRADE HAS CREPT UP ON THE MARKET THIS PAST WEEK - GEORGE LAZARIDIS
The sudden surge in Iron ore trade has crept up on the market this past week bringing about a change in the prospects for Capes. Continued increase ...
Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
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- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- The University of Queensland
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- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
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- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
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- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
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- Bangladesh Power Developement Board
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- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
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- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
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- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
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