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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, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared wi ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
Monday, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
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- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
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- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
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- Meralco Power Generation, Philippines
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- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
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- Jaiprakash Power Ventures ltd
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- Siam City Cement - Thailand
- The University of Queensland
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- McConnell Dowell - Australia
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- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
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- GMR Energy Limited - India
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- Planning Commission, India
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- Oldendorff Carriers - Singapore
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- Goldman Sachs - Singapore
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- Standard Chartered Bank - UAE
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- London Commodity Brokers - England
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- Petron Corporation, Philippines
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- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
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- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
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- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
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- Madhucon Powers Ltd - India
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- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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- Deloitte Consulting - India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Romanian Commodities Exchange
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
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- Indian Energy Exchange, India
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- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
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- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
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- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
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- Tamil Nadu electricity Board
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- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
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- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
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- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
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- European Bulk Services B.V. - Netherlands
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- Bhoruka Overseas - Indonesia
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