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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, 18 August 16
CAPESIZE: AN EXTREMELY VOLATILE LAST WEEK, WHERE THE MAIN DRIVER HAS BEEN THE WEST AUSTRALIA MARKET
Supramax
The week has held up. After the most of the world is back at work there is some optimism again in the market. The Far East volume has in ...
Tuesday, 16 August 16
WEEKLY CS42 COAL INDEX SOARS 14.08% YEAR TO DATE AMID HIGH DEMAND
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 2.37% week over week to averaging $42.84 per ton this past week, shows CS (i) C ...
Monday, 15 August 16
DRY BULK: 2017 COULD MARK THE START OF LOWER SHIP DELIVERIES HELPING TONNAGE SUPPLY ISSUES IN THE MARKET, SAYS SHIPOWNER - HELLENIC SHIPPING NEWS
Dry bulk owner Pacific Basin, mainly active in the Handysize and Supramax trades appeared optimistic in its analysis of the prospects of the dry bu ...
Monday, 15 August 16
INDONESIAN COAL PRICES RALLYING; COAL OUTPUT REMAINS FLAT
COALspot.com: Global thermal coal prices, including Indonesian coal prices have risen sharply due to jump in imports from China as it curbs domesti ...
Monday, 15 August 16
THE SPOT FREIGHT MARKET STRENGTHEN OVER THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose as Cape and Panamax segments ending in a positive no ...
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Showing 2316 to 2320 news of total 6871 |
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- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- White Energy Company Limited
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
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