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Market: AIM
Sector: General Mining - Coal
EPIC: CHL
Latest Price: 13.75p  (5.77% Ascending)
52-week High: 63.00p
52-week Low: 8.50p
Market Cap: 16.85M
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Churchill Mining
www.churchillmining.com

Churchill Mining PLC is an AIM listed (CHL) mining company with a significant thermal coal development project located in the East Kutai Regency of Kalimantan, Indonesia, where to date more than 2.73 billion tonnes of coal resource has been defined to JORC standard. The project feasibility study has been completed, indicating an economic and desirable project and the study forms the platform for the next stage in the development of the Project. In addition to the East Kutai Coal Project, Churchill has interests in the Sendawar Coal Bed Methane Project in East Kalimantan, Indonesia and a strategic holding in Spitfire Resources, who are developing the South Woodie Woodie Manganese Project in Western Australia.

Full Churchill Mining profile here
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Churchill Mining asks Indonesian government to intervene over East Kutai

2nd Dec 2011, 7:55 am by Philip Whiterow Churchill Mining asks Indonesian government to intervene over East Kutai

Churchill Mining (LON:CHL) has asked the Indonesian government to intervene in the dispute over the ownership of the East Kutai coal prospect or else it will seek international arbitration.

In a letter to the government, Churchill claims it has been subject to unjust and unlawful actions by a number of parties including the East Kutai Regency and other Indonesian Government ministries.

“Various Indonesian parties, both government and private, seeking to expropriate its legitimate rights to develop the East Kutai coal deposit are in direct breach of both Indonesia's investment laws and Indonesia's obligations under a number of international investment treaties,” it said.

Churchill wants cooperation from senior government officials to help solve the dispute, but if “amicable resolution” cannot be achieved the firm said it will initiate international arbitration against Indonesia.

The East Kutai project is a huge resource with a JORC compliant estimate of 2.7 billion tonnes of coal and a pre-tax net present value of US$1.8 billion.

Churchill acquired the licences in 2007 through an acquisition of a 75% stake in Indonesian group Ridlatama after the previous owner Nusantra failed to extend the licences in 2006 and 2007.

Churchill subsequently discovered the coal reserves in 2008, after which the East Kutai Regency granted an extension to Nusantra’s previous licences.

In March, a tribunal ruled that Churchill and Ridlatama no longer owned the East Kutai project. 

Churchill filed an appeal against this judgement in Indonesia’s Supreme Court in September. 

 

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