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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, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
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- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
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