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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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Wednesday, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
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- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
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