REG - Churchill Mining plc - Arbitration update <Origin Href="QuoteRef">CHLL.L</Origin>
RNS Number : 6368AChurchill Mining plc23 December 201423 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 RNSThe company news service from the London Stock ExchangeENDMSCPGGBPPUPCGAW