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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 / 1826

Churchill Mining plc - Arbitration update

Tue 23rd December, 2014 3:30pm
RNS Number : 6368A
Churchill Mining plc
23 December 2014

23 December 2014

AIM: CHL

CHURCHILL MINING PLC

("Churchill" or "the Company")

Arbitration Update

ICSID Tribunal issues Procedural Order No 14 in relation to Churchill's application for Provisional (Protective) Measures

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.

Churchill's Application For Provisional (Protective) Measures

On 30 September 2014, the Company announced that it had applied to the Tribunal for provisional (protective) measures arising out of Indonesia's decision to initiate Police raids on the Company's Jakarta offices on 29 August 2014 during which the Indonesian Police seized and removed documentary records and computer equipment.

On 22 December 2014, the Tribunal issued Procedural Order 14 ("PO No. 14.") denying the Company's application, as amended, for provisional measures.

Whilst the Tribunal has denied the Company's application, it has:-

Ordered the Republic of Indonesia to request leave from the Tribunal before filing any evidence obtained by way of the criminal investigation into the alleged forgery issue;

Taken due note of the Republic of Indonesia's commitment that the Company will be given the opportunity to review and take copies of any relevant documents that are not returned which the Tribunal understands to extend to the seized computer equipment and hard drives;

Reminded both Churchill and the Republic of Indonesia of their general duty arising from the principle of good faith not to take any action that may aggravate the dispute or affect the integrity of the arbitration; and

Denied the Republic of Indonesia's requests for costs and reserved costs for a later decision or award.

"Whilst we accept the Tribunal's ruling that the Company did not meet the threshold required for the provisional measures requested, we do note the Republic of Indonesia's commitment to return or provide full access to the documents and computer equipment seized in the police raid ('seized property") and we will accordingly file a request for immediate access to this seized property. 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.

A full copy of the Tribunal's Procedural Order No.14 is expected to be available 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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