logo-loader

Churchill Mining clear to pursue damage claim in Indonesia

Last updated: 12:16 25 Feb 2014 GMT, First published: 13:16 25 Feb 2014 GMT

east_kutai

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.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

17 minutes ago