I first came across Churchill Mining back in December 2010, they were 111p at the time. They had quite a beating over the last few days. Some info as to why they have plummeted so much..May be a tad over done. Could help but add a few to my fantasy fund.

Churchill Mining is an Indonesian-focused coal
miner. Its East Kutai coal resource looks like
becoming a world-class asset. Churchill has a
75% interest in the project, with its Indonesian
partner, Ridlatama Group, owning the other
25%.
So how big is the East Kutai find? Under the
internationally recognised JORC rules, it has
been independently assessed as having
reserves (proven and probable) of just under 1
billion tonnes, with a total resource of 2.7
billion tonnes. And this figure could increase a
lot more as further exploration is carried out.
A substantial find like East Kuta should attract
plenty of interest from India and China as both
these countries need to expand their generating
capacity and secure long-term supplies of coal.
India in particular is believed to need around
100 million tonnes of coal per year to meet
expected future energy needs. Having visited
17 companies on India’s East Coast, Churchill is
confident that there is strong interest in its
project.
The key challenge for Churchill is how to
realise the value of the East Kutai project.
At the moment, it’s not much more than a hole
in the ground. Developing something of this
scale is likely to cost hundreds of millions of
pounds – something Churchill doesn’t have. So
in April this year, Churchill brought in the big
guns.
Investment bank, Credit Suisse, was appointed
back in April to find a “big brother with deep
pockets” according to Churchill’s Managing
Director. Credit Suisse is well placed to do the
job as they are the number one player in
financing Indonesia's coal industry, having
raised a total of $13 billion for coal projects in
the past 5 years. The bank has also worked
with three of the regions leading energy
companies - PT Bumi Resources, IndoCoal and
Adaro Energy.
Churchill is keeping an open mind.…

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