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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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Monday, 29 August 16
THE FREIGHT MARKET WAS STEADY AND FIRM THIS PAST WEEK; BCI ROSE 18.74%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 26 August 16
WEEKLY US COAL OUTPUT UP 0.7% W/W TO 16 MMST: EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Thursday, 25 August 16
SUPRAMAXES ARE BEING FIXED IN REGION OF $9000
Supramax
Due to Chinese coal imports which continues to source much of the tonnage in SE Asia combined with a good flow of mineral exports ex Aus ...
Wednesday, 24 August 16
MARKET INSIGHT
Brazil and the world bid farewell on Sunday to the first Olympic Games in South America in the midst of a finale meant to be both one last bash and ...
Wednesday, 24 August 16
DRY BULK VESSELS FACE CONTINUED DISTRESS - CLEAR ASSET
Dry bulk vessels have faced extreme distress in recent years. With a combination of factors including newer vessels being ordered with up to 5-year ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
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- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
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- Planning Commission, India
- GMR Energy Limited - India
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- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
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- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
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- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
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- Altura Mining Limited, Indonesia
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- Chettinad Cement Corporation Ltd - India
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- Goldman Sachs - Singapore
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
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- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
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- Electricity Authority, New Zealand
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- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
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- PetroVietnam Power Coal Import and Supply Company
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- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
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- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
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- Formosa Plastics Group - Taiwan
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- Gujarat Mineral Development Corp Ltd - India
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- Cigading International Bulk Terminal - Indonesia
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- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
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- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
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- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
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