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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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Tuesday, 23 August 16
4200 GAR COAL INDEX CLIMB 15.96% YEAR TO DATE - CS COAL INDEX
COALspot.com: Average 4200 GAR coal index of Indonesian origin rose 1.65 % week over week to averaging $31.46 per ton this past week, shows CS (i) ...
Tuesday, 23 August 16
KOMIPO TO IMPORT 250K OF 5,700 KCAL/KG NAR COAL FOR Q4' 16
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for total 250,000 Metric Tons of Bituminous Coal for ...
Monday, 22 August 16
INDONESIA'S CS 5000 GAR THERMAL COAL INDEX, ROSE TO A 57-WEEKS HIGH TO TOP $43.47 A TON
COALspot.com: Indonesia’s CS 5000 GAR thermal coal index, rose to a 57-weeks high to top $US43. 47 a ton in the latest week, extending a 18-w ...
Monday, 22 August 16
THE FREIGHT MARKET WAS STEADY THIS PAST WEEK; CAPE INDEX DECLINE 5.38%
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, 19 August 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 421.6 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
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Showing 2311 to 2315 news of total 6871 |
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- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
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