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CHL - Churchill Mining News Story

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Last Trade - 05/12/16

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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

Wed 14th January, 2015 7:00am
RNS Number : 1140C
Churchill Mining plc
14 January 2015

14 January 2015

AIM: CHL

CHURCHILL MINING PLC

("Churchill" or "the Company")

Arbitration Update

ICSID Tribunal issues Procedural Order 15

Further to the announcement of 25 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.

In response to Procedural Order 13 ("PO No 13") the Company's solicitors, Quinn Emanuel Urquhart and Sullivan, LLP ("Quinn Emanuel"), had filed a request that the Tribunal reconsider PO No.13 on the basis that it was, inter alia, an implicit endorsement of Indonesia's delaying tactics.

On 12 January 2015, the Tribunal issued Procedural Order 15 ("PO No. 15.") reaffirming its decision in Procedural Order No 13 to consider document authenticity as a preliminary matter. The Tribunal determined that dealing with document authenticity in this way would benefit and simplify the overall arbitration process.

Subject to the availability of Counsel and witnesses, Churchill expects the document authenticity hearing to take place sometime in July 2015 which is approximately one month earlier than previously advised. This hearing is likely to last 4-5 days and will consider and determine issues that include:

whether or not the documents impugned by the Republic of Indonesia are authentic;

whether or not key documents such as mining licenses and other documents of title that were issued by authorised representatives of the Republic of Indonesia bearing mechanically generated facsimile signatures are binding on the Republic of Indonesia; and,

the positions in law (including Churchill's position on estoppel regarding documents impugned by the Republic of Indonesia) of both Churchill and the Republic of Indonesia.

"Whilst we would have preferred to have the full merits of the case heard as a single hearing, we accept the Tribunal's ruling. We remain confident there is no substance to the document authenticity allegations made by the Republic of Indonesia and we look forward to having this issue dealt with so we can move ahead with having our claims determined." said Churchill's Chairman David Quinlivan.

A full copy of the Tribunal's Procedural Order No.15 is expected to be available at the website of the International Centre for Settlement of Investment Disputes at https://icsid.worldbank.org/apps/ICSIDWEB/Pages/default.aspx (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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