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CHL - Churchill Mining News Story

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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 / 1824

Churchill Mining plc - Arbitration update

Tue 25th November, 2014 12:28pm
RNS Number : 9433X
Churchill Mining plc
25 November 2014

25 November 2014

AIM: CHL

CHURCHILL MINING PLC

("Churchill" or "the Company")

Arbitration Update

Churchill requests ICSID Tribunal to reconsider Procedural Order No 13

Further to the announcement of 20 November 2014, the Directors of Churchill (AIM: CHL) wish to provide an 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.

On 18 November 2014, the Tribunal issued Procedural Order 13 ("PO No. 13.") which:-

Granted Indonesia's request for the reconsideration of Procedural Order 12;

Directed that the issue of document authenticity be considered as a preliminary matter; and

Issued a Tentative schedule for the document authenticity phase.

In response to PO No.13, the Company's solicitors, Quinn Emanuel Urquhart and Sullivan, LLP ("Quinn Emanuel"), have filed a request that the Tribunal reconsider PO No.13. Quinn Emanuel consider that PO No.13 is legally unjustified, was issued in contravention of the Company's due process rights and constitutes an implicit endorsement of Indonesia's delaying tactics.

The Tribunal has invited Indonesia to submit by 1 December 2014 its comments on the Company's request that the Tribunal reconsider PO No.13.

"We are concerned that PO No.13, as it currently stands, will delay the proceedings as a whole and accordingly have filed a request that the Tribunal reconsider its orders in PO No.13. It continues to be the Company's objective to have this case determined in the most expedient and efficient manner possible" said Churchill's Chairman David Quinlivan.

Information on the progress of Churchill/Planet's claim against the Republic of Indonesia 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").

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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