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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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Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
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- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
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- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
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- Energy Development Corp, Philippines
- White Energy Company Limited
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
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- Kumho Petrochemical, South Korea
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- Tata Chemicals Ltd - India
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- Coal and Oil Company - UAE
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
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- Salva Resources Pvt Ltd - India
- PTC India Limited - India
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- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
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- Heidelberg Cement - Germany
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- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
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- Global Business Power Corporation, Philippines
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- Gujarat Electricity Regulatory Commission - India
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- Posco Energy - South Korea
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- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
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- Ministry of Transport, Egypt
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- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
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- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Agrawal Coal Company - India
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- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
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- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
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- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
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- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
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- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
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- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
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- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
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- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
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