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Churchill Mining shares rocket after updates on arbitration latest

Churchill Mining shares rocket after updates on arbitration latest

Churchill Mining (LON:CHL) shares rocketed as it revealed that, along with Australian subsidiary Planet Mining, it has filed further material with the arbitration tribunal concerning its claim against the Republic of Indonesia.

As reported in March, the Churchill and Planet arbitrations have now been consolidated into a single proceeding and will be dealt with and heard together at the International Centre for Settlement of Investment Disputes (ICSID) in Washington.

They are seeking compensation from the Republic of Indonesia (ROI) after the expropriation of the firm's rights over the huge East Kutai coal mine in Indonesia.

Planet, via its 5% stake in PT Indonesia Coal Development, also holds an interest in the project.

Churchill/Planet currently quantify their losses and seek damages of US$ 1,054 million, excluding interest, based on industry analysis, Churchill said today.

Key elements of the latest supplementing memorial and export evidence include that: Indonesia initially supported and encouraged Churchill/Planet to invest.

Also, that after Churchill/Planet's discovery of substantial coal deposits, the Republic took a series of unlawful actions that resulted in the destruction of Churchill/Planet's valuable investment; the actions of the ROI constitute blatant violations of the obligations it has undertaken under its Bilateral Investment Treaties with the UK and Australia.

The next key hearing will be one in Singapore beginning May 13 that will deal with the challenge from the Republic that the arbitration tribunal does not actually have jurisdiction to hear the group's claim for compensation.

Shares in Churchill rocketed over 45% today to stand at 45p.

Since Australian international litigation veteran Nicholas Smith was appointed as new managing director at Churchill last September, shares in the firm have  almost tripled in value.

 

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