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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 following an
intensive and targeted exploration program.
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 then moved to file a claim of
international arbitration against the Republic of Indonesia for breaches
of Indonesia’s obligations under the Bilateral Investment Treaty
between the United Kingdom and the Republic of Indonesia (the
"UK-Indonesia BIT").
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 UK-Indonesia BIT and under International law.
Churchill’s Australian subsidiary Planet
Mining Pty Ltd (“Planet”), which via its 5% shareholding in PT Indonesia
Coal Development also held an interest in the East Kutai Coal Project,
has also filed for arbitration at ICSID against the Republic of
Indonesia pursuant to the Australia-Indonesia Bilateral Investment
Treaty. 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 (“ROI”) challenge to the arbitral tribunal's jurisdiction
to hear claims for damages against ROI raised by Churchill and its
wholly owned subsidiary Planet Mining Pty Ltd (“Planet”) 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 Indonesia
entered into with the United Kingdom and Australia. In its announcement
of 10 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. This
estimate remains under review and Churchill and Planet will finalise
their damages presentation in the course of the arbitration proceedings.
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