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Market: AIM
Sector: General Mining - Coal
EPIC: CHL
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Deal CHL Tax Free*
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Churchill Mining
www.churchillmining.com
Deal Churchill Mining Tax Free* Losses can exceed
your initial deposit *subject to change and depends on individual circumstances.

Churchill Mining Plc (“Churchill” or “the Company”) listed on the Alternative Investment Market (AIM) of the London Stock Exchange in April 2005. Churchill’s growth path accelerated following the discovery of a world-class thermal coal deposit in the East Kutai Regency of Kalimantan (“EKCP”), Indonesia following an intensive and...

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Churchill Mining says arbitration body accepts jurisdiction over dispute with Indonesia

June 25 2012, 8:03am The next step in the process will be to appoint a three-member “arbitral tribunal” that will adjudicate the dispute.

 

Churchill Mining’s (LON:CHL) request for arbitration of its dispute with the Indonesian authorities over the East Kutai Coal Project has been registered with the International Centre for Settlement of Investment Disputes in Washington.

Registration means the ICSID has accepted it has jurisdiction over the matter under the Bilateral Investment Treaty between the UK and the Republic of Indonesia.

"The board of Churchill is pleased that ICSID has registered the request for arbitration and that the arbitral proceedings have been formally initiated,” said Churchill's chairman David Quinlivan.

“Churchill will be seeking the full relief owed to it under the provisions of the UK-Indonesia BIT and under International law." 

The next step in the process will be to appoint a three-member “arbitral tribunal” that will adjudicate the dispute. 

The secretary-general of ICSID has invited Churchill and the Republic of Indonesia to proceed as soon as possible, “to constitute the arbitral tribunal”, the company told investors this morning.

It filed the formal request for arbitration last month citing breaches by Indonesia of its obligations under the UK-Indonesia Bilateral Investment Treaty.

The firm has been entrenched in a legal battle against the Indonesian government for the past year.  The case has put the future of the US$1.8 billion East Kutai coal mine development project in the balance.

Churchill has previously said it has been subjected to a sustained campaign to expropriate its rights as a legitimate foreign investor in Indonesia. 

The company believes these actions are in direct breach of both Indonesia's investment laws and the country’s obligations under a number of international investment treaties.

The ‘expropriation campaign’, as Churchill calls it, centres of an attempt to cancel the licences that host the East Kutai project by regional authorities that govern the East Kalimantan province.

“The company will provide further updates on the progress of the international arbitration claim when available,” Churchill said.

 

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