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So where is it??
The Company’s solicitors Clifford Chance are currently reviewing the Annulment Committee’s decision and the Company will provide an update on this review within the next 7 days.....so by Monday latest.
left to do now is to throw what dirt we have,We've send years and millions of pounds fighting a lost course the only thing that will give me and others small comfort is to chuck as much dirty washing into the air as we have.And let the sh** stick where it falls.
They still have option to review but unlikely they will turn this around now.
Totally screwed chl..
...about the result. It will be interesting to see if we get a full judgment.
This has been eight years almost to the day since the SP first plunged off the news that something wasn't right with the mining permits. I guess it's a learning experience if nothing else. I for one will be very skeptical about Indonesian and emerging market investment.
I can't understand how so many were taken in by the lies.
CHURCHILL MINING PLC
("the Company" or "Churchill")
ICSID Arbitration Churchill v Republic of Indonesia
Annulment Proceedings Dismissed
(ICSID Case No. ARB 12/14 and 12/40)
The Directors of Churchill Mining plc (NEX:CHL) advise that the ICSID Annulment Committee ("Committee") comprising Judge Dominique Hascher, Professor Dr. Karl-Heinz Böckstiegel Ms. Jean Kalicki has now rendered its decision on the Company's Annulment Application.
The Committee has dismissed Churchill's application for annulment of the Award rendered by Gabrielle Kaufmann-Kohler, Michael Hwang and Albert Jan van den Berg in 2016.
Churchill had previously filed claims against the Republic of Indonesia at the International Centre for Settlement of Investment Disputes ("ICSID") for damages arising out of the revocation of the mining licenses that made up the East Kutai Coal Project in East Kalimantan ("EKCP").
The Committee also decided as follows:
1. The Stay of Enforcement of the December 2016 Award (which includes the adverse US$9.44m cost order) is terminated;
2. Churchill shall bear the costs of the annulment proceedings*;
3. Each party shall bear its own party costs incurred in connection with the annulment proceedings.
*The costs of the proceedings amounted to USD 397,536.09 with these costs having already been met by Churchill through advances made:
Churchill Chairman of Directors David Quinlivan said: "Obviously we are extremely disappointed that the Committee has elected not to correct what was by any objective measure a manifestly defective and partisan Award. It is the Company's view that this case and its outcome will reflect poorly on the fairness of ICSID arbitration process and I imagine that, in time, fewer and fewer investors will have any confidence in the ICSID system for resolution of investment disputes with foreign governments."
The suspension in trading of the Company's shares on NEX will remain in place.
A further announcement will be made in due course.
hi
i thought this thread closed down years ago..
Hoping for positive news very soon.
who?
;-(
Well, that's where I'm coming from too. Put it this way, if ROI are found at fault, the situation will be heavily stage managed to avoid global impact. Out of Court would be the perfect way to achieve that, but who knows. Mind you, dont forget, if the annulment is allowed it also has ramifications for the original tribunal so they will want to manage things carefully too.
Probably cloud cuckoo land, and they're just pre-longing CHL's agony, but one would hope not
further delay on the release of the decision...what are they doing to us!
Would have thought if it was negative for CHL it would have been issued straight away, but maybe I'm clutching at straws lol
annulment update.
on NEX. Link: https://www.nexexchange.com/member?securityid=17818
Not long to go before the announcement of the International Tribunal outcome on the CHL Annulment case.
Wed, 6 Mar 2019
Recommended post that informed us of the above earlier.
She will sing one way or the other
Can the tribunal chuck out all of CHLs 17 counts of appeal ?.
They will probably have a good go.
Nothing is black or white in law.
Lets hope for once the good guys get a just decision.
We will soon know.
Everything crossed
is clearing her throat.
out. Trading suspended. Could be some positive news coming out. Been stuck in this ages.
The Ides of March...or at least the middle of March! Waiting and watching! Only a couple of weeks.
I have noticed that London South East has another site which ends in PL other than CHL.PL.
The London South East CHL still exists. It appears that 1 co forum has PL sites. Really good idea - two fish bowls?
Wed 27 Feb 2019
Possible news within weeks.
We hope for good legal team results in this the second half.
Best of All
Sorry I posted these on the wrong bb.
https://www.miningmx.com/top-story/36093-glencore-defends-150mt-coal-cap-saying-it-clarifies-future-shape-of-diversified-group/ Glencore defends 150Mt coal cap saying it clarifies future shape of diversified group By David McKay - February 20, 2019 Ivan Glasenberg, CEO, Glencore GLENCORE’S decision to cap thermal and metallurgical coal production at 150 million tonnes a year was a consequence of more than two years of discussions with investors and would help clarify the future shape of the group. Responding to questions in a media call, CEO Ivan Glasenberg and Steve Kalmin, the firm’s CFO, said the decision to cap coal production was in the interests of the company as well as environmental, social and governmental (ESG) requirements. Asked if Glencore was making any sacrifice at all, considering it wasn’t intending to make new green field investments in coal whilst putting merger and acquisition (M&A) activity on the back burner group-wide, Glasenberg said: “We do have green field opportunities of significant size that we could do that we won’t be doing in the future”. There was, though, a strong commercial angle. Glasenberg said there would be upward pressure on the thermal coal price which grew at a rate of 6% last year by dint of the emergence of developing market demand in Bangladesh, Vietnam and Pakistan. Exports from South Africa might also be stunted owing to a supply deficit to Eskom. Said Kalmin: “It’s important that people can think three or five years out and see that Glencore is not just a coal company. It is a diversified company”. Glasenberg added the group was unconcerned about the prospect of creating stranded coal assets. Glencore’s 145 million tonnes in coal production for the 2018 financial year contributed the most to earnings before interest, tax, depreciation and amortisation (EBITDA), at $5.4bn or 34% of group EBITDA. At $4.4bn, copper production was next contributing 28% to overall group EBITDA. “We had a lot of exchanges with shareholders and we agreed that this made sense,” said Glasenberg. “We believe as a company that’s what we should be doing. We believe it’s in the best interests of the company and from and ESG view and climate change,” he said. Banking institutions and investors globally have decided not to invest in new thermal coal production owing to the climate change impacts of burning the fuel. In South Africa, the latest bank to turn its back on new thermal coal is Nedbank, one of the big five bankers. In a presentation to analysts, Glasenberg said that thermal coal would “stay in the pot” as it was highly cash generative and required little capital expenditure. DRC Glasenberg said the group had hopes that the installation of a new president in Felix Tshisekedi in the Democratic Republic of Congo (DRC) would lead to renewed negotiations regarding ch
https://www.google.co.uk/amp/s/amp.ft.com/content/730c5efa-3458-11e9-bd3a-8b2a211d90d5 Local coal rules (apparently).
Nobody knows the result .
3 or 4 weeks and all will be revealed.
The facts point to a strong case for an annulment .
In an honest and fair environment it is hard to see how ICSID can dismiss each and every one of CHLs points raised.
We will soon see.