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CHL - Churchill Mining News Story

37.75p 0.0  0.0%

Last Trade - 05/12/16

Sector
Energy
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £n/a
Position in Universe th / 1828

Churchill Mining plc - Arbitration update

Thu 20th November, 2014 7:00am
RNS Number : 4949X
Churchill Mining plc
20 November 2014

20 November 2014

AIM: CHL

CHURCHILL MINING PLC

("Churchill" or "the Company")

Arbitration Update

ICSID Tribunal agrees to reconsider Procedural Order No 12

Further to the announcement of 30 October 2014, the Directors of Churchill (AIM: CHL) wish to provide a provisional update on the international arbitration cases the Company and its wholly owned subsidiary Planet Mining Pty Ltd ("Planet") are pursuing against the Republic of Indonesia ("Indonesia") at the International Centre for Settlement of Investment Disputes ("ICSID") in Washington DC. The arbitration before the ICSID Tribunal ("Tribunal") arises from the revocation of the mining licenses relating to the East Kutai Coal Project in East Kalimantan ("EKCP"), Indonesia, in which Churchill and Planet held a 75% interest.

The Tribunal has agreed to Indonesia's subsequent request to reconsider Procedural Order No 12 and to deal with issues of document authenticity as a preliminary matter. The decision in Procedural Order No 12 regarding bifurcation between liability and quantum remains in abeyance and will be considered if and when appropriate. The parties are invited to agree on the dates for the document inspection phase by 25 November 2014. Churchill and its lawyers at Quinn Emanuel Urquhart & Sullivan currently are assessing the appropriate course of action inlight of the Tribunal's decision.

A full copy of Procedural Order No 13 can be found at the website of the International Centre for Settlement of Investment Disputes at https://icsid.worldbank.org/ICSID/Index.jsp (under cases for "Churchill").

The Company proposes to provide a further update on Procedural Order No 13 in due course.

END

For further information, please contact:

Churchill Mining plc

David Quinlivan

Nicholas Smith

Russell Hardwick

+ 61 8 6382 3737

Northland Capital

Partners Limited

Edward Hutton/William Vandyk

+44(0)20 7382 1100


This information is provided by RNS
The company news service from the London Stock Exchange
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