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Churchill Mining plc - Interim Results

Tue 31st March, 2015 7:20am
RNS Number : 9520I
Churchill Mining plc
31 March 2015

Churchill Mining Plc ("Churchill" or the "Company")

Interim Results to 31 December 2014

31 March 2015

CHAIRMAN'S STATEMENT

During the 6 month period to 31 December 2014 the Company continued actively to seek recovery of shareholder value by progressing the international arbitration against the Republic of Indonesia at the International Centre for Settlement of Investment Disputes ("ICSID") in Washington DC (the Arbitration"). The arbitration relates to the revocation of the mining licenses that made up the East Kutai Coal Project in East Kalimantan ("EKCP"), Indonesia, in which Churchill andits wholly owned subsidiary Planet Mining Pty Ltd's ("Planet") held a 75% interest.

Churchill and Planet were represented in the arbitration for the six month period to 31 December 2014 by international law firm Quinn Emanuel Urquhart & Sullivan ("Quinn Emanuel") with experienced London - based partner Stephen Jagusch heading the Quinn Emanuel team for Churchill/Planet.

Recapping significant events and progress achieved in the ICSID arbitration process during 2014

(i) On February 25, 2014 the ICSID arbitral tribunal ("Tribunal"), comprising Prof. Gabrielle Kaufmann-Kohler (President), Mr. Michael Hwang S.C (Arbitrator) and Prof. Albert Jan van den Berg (Arbitrator), rejected the Republic of Indonesia's challenges to the Tribunal's jurisdiction and found that the Tribunal has jurisdiction to determine the claims Churchill and Planet have submitted.

(ii) In June 2014, Quinn Emanuel, filed a supplemental memorial on quantum and damages after valuation experts FTI Consulting Canada LLC ("FTI") had prepared an independent assessment of Churchill/Planet's damages as at 3 May 2010, the date immediately preceding the revocation of the licenses. FTI determined the damages to Churchill/Planet of US$1,149.90 million plus pre-award interest of US$165.70 million for a total of US$1,315.60 million. FTI calculated the fair market value of Churchill/Planet's investment in the EKCP using the industry standard prime methodology Discounted Cash Flow analysis. The analysis was based on a production rate of 50Mtpa and a railway haulage scenario.

(iii) On 29 August 2014 representatives from Churchill and the Republic of Indonesia met in Singapore to inspect a designated bundle of original documents relating to the mining licenses.

(iv) On 29 August 2014 (ie on the same day that the Tribunal-ordered document inspection was in progress in Singapore), police officers from Indonesia raided the Company's Jakarta office and seized a number of documents, computers and back-up drives supposedly as part of a new police investigation into alleged license document forgery.

It remains the Company's view that this police raid was strategically timed to harm and prejudice the Company's case currently being heard by the Tribunal. The Company accordingly made an application for provisional measures pursuant to Article 47 of the ICSID Convention and Rule 39 of the ICSID Arbitration Rules for the return forthwith of all documents and other items that were seized by the Indonesian police in the raid on 29 August 2014.

(v) On 26 September 2014 the Company received notification from its solicitors that Indonesia had written to the Tribunal on 25 September 2014 and submitted a so-called "Application for the Dismissal of Churchill and Planet's Claims" on the basis of document forgery. The application by Indonesia also requested an order by the Tribunal to modify the procedural timetable to schedule an immediate hearing within the next 30 days or sooner if feasible to resolve the forgery allegations as a discrete issue.

(vi) In response to this application the Company submitted that, amongst other things, this last minute application was simply part of a calculated strategic attempt by Indonesian counsel to delay and derail the arbitration proceedings and accordingly it should be rejected. The Company also noted that Indonesia had 18 months to consider the Company's case on merits which include Indonesia's theory of alleged license forgery.

Events Post 31 December 2014

The following significant events have occurred post 31 December 2014.

Document Authenticity Hearing

On 12 January 2015 the Tribunal issued Procedural Order 15 ordering a hearing on document authenticity be held to determine (i) the factual aspects of the forgery alleged by Indonesia and (ii) legal submissions on the positions in law in a scenario where there would be forgery (including the legal requirements for estoppel). The document authenticity hearing is currently programmed to be held during the first week in August 2015.

With regard to Indonesia's allegations of document forgery, the Company again categorically denies that it ever participated in or that it was ever in any way involved in the forgery of any documents. Furthermore, prior to the revocation of the EKCP mining licenses in which the Company held an interest, agencies of Indonesia regularly (i) visited the EKCP site, (ii) sought and received payments in relation to the EKCP properties, and (iii) were provided with exploration and other technical reports relating to the EKCP properties. The Company also notes that previous investigations, carried out by both the Indonesian police and the Independent Stage Agency (BAWASDA), into these allegations of document forgery concerning the Ridlatama EKCP mining licenses concluded there was no case to answer.

Change of Legal Team

On 3 February 2015 Churchill Mining plc advised that the Company had replaced existing Counsel Quinn Emanuel Urquhart & Sullivan and appointed the international law firm of Clifford Chance, a global "magic circle" law firm, as the company's Counsel in the ICSID arbitration proceedings against the Republic of Indonesia.

Clifford Chance has also been appointed as Counsel for Planet Mining Pty Ltd, the Churchill Mining subsidiary which also has ongoing ICSID arbitration proceedings against the Republic of Indonesia. (These Planet Mining proceedings are being dealt with on a consolidated basis with the Churchill Mining claim.)

The Clifford Chance team is led by the London based head of its International Arbitration Group, Audley Sheppard QC, who is joined by Clifford Chance partners from the firm's offices in Asia, including Nish Shetty in Singapore, as well as Counsel from Hong Kong, Indonesia and importantly from the firm's office in Perth, Western Australia. Perth based Clifford Chance Counsel Dr Sam Luttrell will provide the Clifford Chance team's case management leadership for the Churchill Mining/Planet Mining cases.

Fire in Company's Jakarta Office - Indonesia

On 9 March 2015 there was a fire in the Wisma Kosgoro building in Jakarta, Indonesia which is where the offices of the Company's Indonesian subsidiary PT Indonesia Coal Development ("ICD") are located. The fire was eventually extinguished by midday on Tuesday 10 March 2015.

Initial examination of the building indicates that the fire has extensively damaged a number of floors in the Wisma Kosgoro building, including the floor on which ICD's offices are located, and at this time it is unclear when or indeed if ICD will be able to return to these offices.

Disciplinary Action

Prior to period end, Churchill was made aware of an intention by the London Stock Exchange plc ("the Exchange") to commence proceedings against the Company under the AIM Disciplinary Procedures in relation to alleged breaches of AIM Rules 11 and 31 during the period from August 2010 to March 2011.

Whilst the Company disputes the contentions raised by the Exchange and will be defending the disciplinary action which is based upon alleged breaches of the AIM rules which are disputed and alleged to have occurred over 4 years ago, the Company has, as a matter of prudence and based on recent history, included within the interim accounts a provision of $140,000 in relation to any potential fine.

The Company has been advised that the matter will now go before the AIM Disciplinary Committee. Final decisions of the AIM Disciplinary Committee may be appealed. If the AIM Disciplinary Committee finds in favour of the Exchange, Churchill has been advised that the Exchange will seek a fine and a public censure. The ultimate level of any fine, which will be determined by the AIM Disciplinary Committee if they find the case in favour of the Exchange, may be materially higher or lower than the current provision of $140,000. The timetable of the disciplinary process is yet to be advised to the Company.

Financial Review

The loss for the half year was $1,055,727 or 0.85c per ordinary share (Dec 2013: $904,554 or 0.73c per share and June 2014: $2.45 million or 1.99c per share). Other administrative expenses totalled $933,067 (Dec 2013: $1.08 million and June 2014: $2.7 million).

Significant expenditure items during the period include:

Legal and professional fees of $228,023 (Dec 2013: $468,013 and June 2014: $1,46million) reflecting ongoing expenditure for the Company's arbitral claim against the Republic of Indonesia;

Consulting, directors, staff and professional fees of $218,916 (Dec 2013: $295,086 and June 2014: $587,853) which reflects the planned reduction in corporate overheads.

Foreign exchange loss of $123,826 (Dec 2013: $5,411 and June 2014: $6,845) which reflects the weakening of the British Pound and the Australian Dollar against the USD in cash accounts.

The balance of operating expenditure is in line with the board's expectations and specific focus of management resources allocated to the current arbitral claim against the Republic of Indonesia.

The reduction in the net cash outflow from operating activities during the period reflects the board's efforts to reduce other administration and corporate overheads where possible to preserve the Company's cash position:


31 Dec 2014

31 Dec 2013

30 June 2014


$'000

Unaudited

$'000

Unaudited

$'000

Audited

Net cash from operating activities

(925)

(1,607)

(2,355)

The Group's statement of financial position as at 31 December 2014 and comparatives at 31 December 2013 and 30 June 2014 are summarised below:


31 Dec 2014

31 Dec 2013

30 June 2014


$'000

$'000

$'000


Unaudited

Unaudited

Audited





Non-current assets

9

15

7

Current assets

4,396

6,232

5,565

Total assets

4,405

6,247

5,572

Current liabilities

3,012

2,645

3,222

Non-current liabilities

41

45

40

Total liabilities

3,053

2,690

3,262

Net assets

1,352

3,557

2,310

I would like to conclude by thanking our shareholders, my fellow Directors and our staff for their continued support and patience and can assure you the Board continues to work with diligence and enthusiasm to seek a suitable outcome for shareholders.

David Quinlivan

Chairman

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHURCHILL MINING PLC

Introduction

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2014 which comprises the consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of changes in equity, consolidated statement of cash flows and the related notes.

We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Directors' responsibilities

The interim report, including the financial information contained therein, is the responsibility of and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the rules of the London Stock Exchange for companies trading securities on AIM which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts.

Our responsibility

Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Our report has been prepared in accordance with the terms of our engagement to assist the company in meeting the requirements of the rules of the London Stock Exchange for companies trading securities on AIM and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, ''Review of Interim Financial Information Performed by the Independent Auditor of the Entity'', issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2014 is not prepared, in all material respects, in accordance with the rules of the London Stock Exchange for companies trading securities on AIM.

Emphasis of matter - Going concern

In forming our review opinion on the condensed financial statements, which is not modified, we have considered the adequacy of the disclosures made in note 1 to the financial statements concerning the company's ability to continue as a going concern. The Group has $1.96m of cash and cash equivalents at 31 December 2014. The Group's ability to funds its ongoing operational and legal obligations are reliant on raising further capital in the near future.

The Directors are confident of being able to successfully raise the required funds through the issue of further equity; however there can be no certainty that the required funds will be raised. If the Group cannot raise funds through the issue of equity, they will be reliant on raising funds through other alternative means. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern and, therefore, that it may be unable to discharge its operational and legal obligation in the normal course of business. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

BDO LLP

Chartered Accountants and Registered Auditors

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 31 December 2014



6 months to 31 Dec 2014

6 months to 31 Dec 2013

Year ended 30 June 2014


Note

Unaudited

Unaudited

Audited



$'000

Other operating income


-

4

8

Other administrative expenses


(934)

(1,086)

(2,711)

Loss on sale of financial asset


-

(46)

(46)

Total administrative expenses


(934)

(1,132)

(2,757)

Loss from operations


(934)

(1,128)

(2,749)



Finance income - interest received


1

1

2

Finance income - foreign exchange gains


304

Total finance income


1

229

306



Finance expense - foreign exchange losses


(7)

Total finance expense


(123)

(5)

(7)






Loss before taxation


(1056)

(904)

(2,450)

Tax expense


Loss for the period/year attributable to equity shareholders of the parent


(1056)

(904)

(2,450)






Other comprehensive income:





Foreign exchange differences on translating foreign operations


-

3

(5)

Other comprehensive income for the period/year


-

3

(5)






Total comprehensive loss for the period/year attributable to equity shareholders of the parent


(1056)

(901)

(2,455)






Loss for the period/year attributable to:





Owners of the parent


(1056)

(904)

(2,450)

Non-controlling interest



(1056)

(904)

(2,450)

Total comprehensive loss for the period/year attributable to:





Owners of the parent


(1056)

(901)

(2,455)

Non-controlling interest



(1056 )

(901)

(2,455)

Loss per share attributable to owners of the parent:




Basic and diluted loss per share (cents)

2

(0.85c)

(0.73c)

(1.99c)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2014


as at 31 Dec 2014

6 months to 31 Dec 2013

Year ended 30 June 2014


Unaudited

Unaudited

Audited


$'000

$'000

$'000

ASSETS




Current assets




Cash and cash equivalents

1,965

3,742

3,016

Other receivables

2,431

2,490

2,549

Total current assets

4,396

6,232

5,565





Non-current assets




Property, plant and equipment

9

15

7

Total non-current assets

9

15

7





TOTAL ASSETS

4,405

6,247

5,572





LIABILITIES




Current liabilities




Trade and other payables

484

222

739

Loans and borrowings

Provisions

2,388

140

2,423

-

2,483

-

Total current liabilities

3,012

2,645

3,222





Non-current liabilities




Provisions

41

45

40

Total non-current liabilities

41

45

40





TOTAL LIABILITIES

3,053

2,690

3,262





NET ASSETS

1,352

3,557

2,310





CAPITAL AND RESERVES ATTRIBUTABLE TO OWNERS OF THE COMPANY




Share capital

2,237

2,230

2,237

Share premium

77,791

77,641

77,791

Other reserves

2,522

2,282

2,424

Retained deficit

(82,302)

(79,700)

(81,246)





TOTAL EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT

248

2,453

1,206

Non-controlling interest

1,104

1,104

1,104

TOTAL EQUITY

1,352

3,557

2,310


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 31 December 2014





Other Reserves




Consolidated

Share Capital

Share premium

reserve

Retained deficit

Foreign exchange

Equity settled share options

Total Equity attributable to equity holders of Company

Non-controlling Interest

Total Equity


$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000










Changes in equity for the period to 31 December 2013









Balance at 1 July 2013

2,230

77,641

(78,796)

(59)

2,239

3,255

1,104

4,359

Loss for the period

-

-

(904)

-

-

(904)

-

(904)

Other comprehensive income

-

-

-

3

-

3

-

3

Recognition of share based payments

-

-

-

-

99

99

-

99

Balance at 31 December 2013

2,230

77,641

(79,700)

(56)

2,338

2,453

1,104

3,557










Changes in equity for the period to 31 December 2014









Balance at 1 July 2014

2,237

77,791

(81,246)

(64)

2,488

1,206

1,104

2,310

Loss for the period

-

-

(1,056)

-

-

(1,056)

-

(1,056)

Other Comprehensive income

-

-

-

-

-

-

-

-

Recognition of share based payments

-

-

-

-

98

98

-

98

Balance at 31 December 2014

2,237

77,791

(82,302)

(64)

2,586

248

1,104

1,352




CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 31 December 2014


Note

6 months to 31 Dec 2014

6 months to 31 Dec 2013

Year ended 30 June 2014



Unaudited

Unaudited

Audited



$'000

$'000

$'000






Cash flows from operating activities


(925)

(1,607)

(2,355)

Net cash from operating activities

3

(925)

(1,607)

(2,355)






Cash flows used in investing activities





Finance income


1

1

2

Receipts from sale of property, plant and equipment


-

-

1

Receipts from sale of financial assets


-

240

240

Cash flows used in investing activities


-

241

243






Net decrease in cash and cash equivalents


(924)

(1,366)

(2,112)

Cash and cash equivalents at beginning of period


3,016

4,848

4,848

Effect of foreign exchange rate differences


(127)

260

280

Cash and cash equivalents at the end of period


1,965

3,742

3,016

NOTES TO THE INTERIM REPORT

NOTE 1: BASIS OF PREPARATION

The consolidated interim financial statements of the Group for the six months ended 31 December 2014 which comprise the Company and its subsidiaries (together referred to as the "Group") were approved by the Board for issue on 30 March 2015. The interim results have not been audited, but were subject of an independent review carried out by the Company's auditors BDO LLP.

The Group has $1.96m of cash and cash equivalents at 31 December 2014. The legal and operational expenditure obligations for the next twelve months are not fully funded. The Directors' are confident that further funds can be raised through the issue of equity and as such it is appropriate to prepare the financial statements on a going concern basis. However, there can be no certainty that any fundraising will successfully complete. If the funds cannot be raised through the issue of equity, the Group will be reliant on raising funds through other alternative means. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern and, therefore, that it may be unable to discharge its operational and legal expenditure obligations in the normal course of business. The financial statements do not include any adjustments that would result if the company was unable to continue as a going concern.

The interim financial information has been prepared on the basis of a going concern and in accordance with the recognition and measurement requirements of International Financial Reporting Standards (IFRS) and IFRIC interpretations issued by the International Accounting Standards Board (IASB) adopted by the European Union.

The accounts have been prepared in accordance with the accounting policies that are consistent with the June 2014 Report and Accounts and that are expected to be applied in the Report and Accounts of Churchill Mining Plc for the year ended 30 June 2015. There are new or revised standards or interpretations that apply to the period beginning 1 July 2014 but they do not have a material effect on the financial statements for the period ended 31 December 2014. The financial information for the six months to 31 December 2014 does not constitute statutory accounts of the Company or the Group. The statutory accounts for the year ended 30 June 2014 have been filed with the Registrar of Companies. The auditor's report on those accounts was unqualified, did not include any references to any matters to which the auditors drew attention by way of emphasis and did not contain a statement under section 498(2)-(3) of the Companies Act 2006.

The consolidated financial statements incorporate the results of Churchill Mining Plc and its subsidiary undertakings as at 31 December 2014. The corresponding amounts are for the year ended 30 June 2014 and the 6 month period ended 31 December 2013.

NOTE 2: LOSS PER SHARE

Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.


6 months to 31 Dec 2014

Unaudited

6 months to 31 Dec 2013

Unaudited

Year ended 30 June 2014

Audited


$'000

$'000

$'000





Loss for the period attributable to owners of the parent company

(1056)

(904)

(2,450)






Number

Number

Number





Weighted average number of shares used in the calculation of basic and diluted loss per share

123,619,562

123,168,095

123,383,315






Cents

Cents

Cents

Loss per share




Basic and diluted loss per share

(0.85c)

(0.73c)

(1.99c)





The effect of all potential ordinary shares arising from the exercise of options going forward is considered to be anti-dilutive. 13,850,000 potential ordinary shares (Dec 2013: 10,630,548) (June 2014: 13,318,493) have been excluded from the above calculation as they are not dilutive.

NOTE 3: NOTES TO THE CASH FLOW STATEMENT


6 months to 31 Dec 2014

Unaudited

6 months to 31 Dec 2013

Unaudited

Year ended 30 June 2014

Audited


$'000

$'000

$'000





Reconciliation of loss after tax to cash from operating activities








Loss after tax

(1,056)

(904)

(2,450)

Share option expense

98

99

249

Share issue expense

-

-

157

Depreciation expense

1

6

13

Net (gain)/loss on exchange rates

123

(223)

(297)

Loss on subsidiary loans & investment

-

-

46

Finance income

(1)

(1)

(2)

Decrease in receivables

24

166

167

Decrease in payables

(254)

(750)

(238)

Increase in provisions

140

-

-

Cash flows from operating activities

(925)

(1,607)

(2,355)

NOTE 4: TAXATION

No taxation has been provided due to losses in the period. No deferred tax asset has been recognised for past or current losses as the recoverability of any such asset is not considered probable in the foreseeable future.

NOTE 5: EVENTS AFTER THE REPORTING PERIOD

On the 15th January 2015, the Company issued 606,051 new ordinary shares of 1 pence at a deemed issue price of 27.09p per share. The shares were issued to Directors and Executives who had agreed to subscribe for fully paid ordinary shares in lieu of receiving cash in respect of fees payable for the 2014 year.

On 03 February 2015, the company replaced existing Counsel Quinn Emanuel Urquhart & Sullivan and appointed the international law firm of Clifford Chance as the company's Counsel in the ICSID arbitration proceedings against the Republic of Indonesia.

On 03 March 2015, Mr John Nagulendran resigned as a Director of the Company.

Other than the above matter and events detailed elsewhere in this report, there has not been any other matter or circumstance occurring subsequent to the end of the reporting date that has significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years.

NOTE 6: CONTINGENCIES

Further to the disclosure made in the Group's 2014 annual report regarding the deeds of grant by which members of the Ridlatama Group transferred 75% of the issued share capital in two of the four licence companies that made up the East Kutai Coal Project (PT Ridlatama Tambang Mineral and PT Ridlatama Trade Powerindo) to PT TCUP, the appeal process is currently ongoing and as such there are no updates to the position as at the date of this report. Should PT ICD and PT TCUP be unsuccessful in all avenues of appeal then the receivables in the Statement of Financial Position before impairment would be reduced by $1.60 million due to these companies no longer being consolidated in the Group accounts. In addition the payables in the Statement of Financial Position would be reduced by $1.19 million. It remains the Group's position that the receivable and payable in the Statement of Financial Position are able to be offset. In the event that the balances cannot be offset the payable owing by the Group would not be settled until members of the Ridlatama group settled the receivable.

The Group is involved in various litigation disputes including an International arbitration claim against the Republic of Indonesia as detailed in the Chairman's Statement. As at the date of this report the disclosure of any further information about these matters would be prejudicial to the interests of the Group.

NOTE 7: FORWARD LOOKING STATEMENTS

This report contains certain forward looking statements, which include assumptions with respect to future plans and results. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties which are beyond the Company's control. Please refer to the Company's Annual Report available from the Company's web site for a list of risk factors. The Company's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this report are made as at the date of this report.

NOTE 8: INTERIM REPORT

Copies of this interim report for the six months ended 31 December 2014 will be available from the offices of Churchill Mining PLC, 41 York Street Subiaco, WA, 6008 and on the Company's website www.churchillmining.com


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