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, Indonesia following an intensive and targeted exploration program. The Company has a 75% ownership and controlling interest in the East Kutai Coal Project (“EKCP”), with the balance being held by its Indonesian partners, the Ridlatama Group.
Recently, Churchill has taken the EKCP discovery through to feasibility in readiness for funding and the commencement of construction. Unfortunately the project has been delayed whilst the Company defends its rights in the licenses that make up the EKCP following a negative decision in the Administrative tribunal in Samarinda (refer below).
In addition to the East Kutai Coal Project, Churchill has a strategic holding in Spitfire Resources (15.99%), who are developing the South Woodie Woodie Manganese Project in Western Australia.
Note:
On 3 March 2011, the Company and Ridlatama was subject to a surprising negative ruling from the Samarinda Administrative Tribunal. The Tribunal action was initially undertaken by the Company and its Indonesian partners, Ridlatama, to protect the validity of the licenses that make up the EKCP (the “EKCP Licences”). On the 19 August 2011 the Company was advised that the appeal to the Administrative High Court in Jakarta has been dismissed and the Court agreed wholly with the legal considerations and findings of the Administrative Tribunal in Samarinda. The appeal was launched to overturn the decision by the Administrative Tribunal in Samarinda, East Kalimantan in relation to the revocation of the four mining licenses that comprise the East Kutai Coal Project. The Company moved to lodge a notice of appeal to the Supreme Court of Indonesia on the 15th September 2011 and subsequently prepared and filed Memoranda of appeal on the 26 September 2011.
The Company / Ridlatama will vigorously defend their rights in relation to the EKCP Licenses and have engaged experienced International Legal Firm Herbert Smith LLP to lead the appeal action.
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