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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, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
Wednesday, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
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- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
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- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- McConnell Dowell - Australia
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- Deloitte Consulting - India
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- Semirara Mining and Power Corporation, Philippines
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- Metalloyd Limited - United Kingdom
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- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Planning Commission, India
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- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
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- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
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- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
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- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
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- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
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- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
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- Australian Coal Association
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- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
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- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
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- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
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- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
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- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
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- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
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