CHURCHILL MINING PLC
CHURCHILL MINING PLC
Churchill Mining Plc (“Churchill” or “the Company”) listed on the Alternative Investment Market (AIM) of the London Stock Exchange in April 2005. Churchill’s growth path accelerated following the discovery of a world-class thermal coal deposit in the East Kutai Regency of Kalimantan (“EKCP”) Indonesia Churchill had taken the EKCP discovery through to feasibility in readiness for funding and the commencement of construction. Since then Churchill and its partners were subjected to a negative ruling from the regional Samarinda Administrative Tribunal that sought to ratify the Bupati’s improper unilateral decision to revoke the EKCP licenses. Churchill appealed the decision to the Administrative High Court in Jakarta which dismissed this appeal and has since appealed to the Indonesian Supreme Court who has also rejected the appeal.
International Arbitration against the Republic of Indonesia
Churchill and its Australian subsidiary Planet Mining Pty Ltd then moved to file a claim of international arbitration against the Republic of Indonesia for breaches of Indonesia’s obligations under the Bilateral Investment Treaties between United Kingdom, Australia and the Republic of Indonesia. In the international arbitration at the International Centre for Settlement of Investment Disputes (“ICSID”), Churchill is seeking the full relief owed to it under the provisions of the treaties and under International law. The Churchill and Planet arbitrations have now been consolidated into a single proceeding and will be dealt with and heard together.
During May 2013 a hearing on the Republic of Indonesia’s challenge to the arbitral tribunal's jurisdiction to hear claims for damages was held. In February 2014 the ICSID arbitral tribunal, rejected the Republic of Indonesia’s challenges to the Tribunal's jurisdiction. The Tribunal decisions now allows Churchill and Planet to pursue their claims for damages against the Republic of Indonesia under the respective Bilateral Investment Treaties.
In May 2013, Churchill provided a preliminary estimate of its and Planet’s damages as a result of the actions taken by the Republic of Indonesia of not less than USD 1.054 billion, excluding interest. In June 2014 Churchill/Planet’s lawyers, Quinn Emanuel Urquhart & Sullivan, LLP, filed a supplemental memorial on quantum and damages following the engagement of international valuation experts FTI Consulting Canada LLC who prepared an independent assessment of Churchill/Planet’s 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.
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 icsid.worldbank.org/apps/ICSIDWEB/Pages/default.aspx (Search under cases for “Churchill”).
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- 21 May 2015 PDF TR1 Major Notification of Shares
- 20 May 2015 PDF TR1 Major Notification of Shares
- 19 May 2015 PDF Issue of equity and change of admission date
- Information ICSID claim v Republic of Indonesia