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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, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
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PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
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THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
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Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
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Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
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Showing 2086 to 2090 news of total 6871 |
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- Sical Logistics Limited - India
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
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- White Energy Company Limited
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- The University of Queensland
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- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
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- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
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- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
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- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
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- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Siam City Cement - Thailand
- McConnell Dowell - Australia
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- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Parliament of New Zealand
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- Metalloyd Limited - United Kingdom
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- The State Trading Corporation of India Ltd
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- Power Finance Corporation Ltd., India
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- GAC Shipping (India) Pvt Ltd
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- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
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- International Coal Ventures Pvt Ltd - India
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- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Economic Council, Georgia
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- Australian Coal Association
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
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- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
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- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
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- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
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- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
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- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Planning Commission, India
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- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
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- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
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- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
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- Ministry of Mines - Canada
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