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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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Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
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- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- The University of Queensland
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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