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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, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looki ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
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- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
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