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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, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
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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- Malabar Cements Ltd - India
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- Ministry of Mines - Canada
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- Heidelberg Cement - Germany
- Minerals Council of Australia
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- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
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- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
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- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
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- McConnell Dowell - Australia
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- Romanian Commodities Exchange
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- MS Steel International - UAE
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- Power Finance Corporation Ltd., India
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- TeaM Sual Corporation - Philippines
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- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
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- Commonwealth Bank - Australia
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- Central Electricity Authority - India
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- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
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- Kepco SPC Power Corporation, Philippines
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- Coalindo Energy - Indonesia
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- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
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- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Parliament of New Zealand
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- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
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- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
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- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
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- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Planning Commission, India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- The University of Queensland
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
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