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Churchill Mining clear to pursue damage claim in Indonesia

Churchill Mining clear to pursue damage claim in Indonesia

Churchill Mining (LON:CHL) said an international tribunal had ruled in its favour, enabling it to pursue claims for damages against the Indonesian government relating to the expropriation of the firm's rights over the huge East Kutai coal mine.

Shares in the AIM-listed company were up almost 40% after trading in the shares resumed following a temporary suspension.

The International Centre for Settlement of Investment Disputes (ICSID) arbitral tribunal rejected Indonesia's challenges to the tribunal's jurisdiction, Churchill said.

Churchill, and its Australian subsidiary Planet Mining Pty, are seeking damages of not less than US$1.05bn, excluding interest, to settle the long-running dispute. The company began arbitration against the Indonesian government in May 2012 at the ICSID in Washington.

The East Kutai Coal project is a world-class thermal coal deposit with a JORC resource of 2.730 billion tonnes.

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