15th Oct 2014 10:16
LONDON (Alliance News) - Churchill Mining PLC Wednesday said its pretax loss narrowed in its last financial year, as the company significantly cut its administrative costs after it booked various impairment charges last year.
The thermal coal producer said its pretax loss narrowed to USD2.5 million in the year ended June 30, from a USD11.6 million loss the prior year, as its administrative expenses reduced to USD2.8 million, compared with USD11.5 million the prior year when the figure included various impairment charges.
Last month, the company denied that it had ever forged any documents, after Indonesian police raided its Jakarta offices while the company was in Singapore reviewing documents related to its mining licenses dispute with the Indonesian government.
The company has had its mining licenses for the East Kutai Coal Project in East Kalimantan, Indonesia, revoked. The International Centre for Settlement of Investment Disputes has been arbitrating on the dispute and ordered the review of a bundle of documents relating to the licenses.
Churchill has filed objections against the Indonesian request for a stand-alone case with the Tribunal.
In a statement Wednesday, Churchill said its key objective is to restore shareholder value following the revocation of the mining licenses that made up the EKCP in East Kalimantan, Indonesia, in which Churchill and its subsidiary Planet Mining held a 75% interest.
"The company through its lawyers, Quinn Emanuel, has requested the Tribunal reject any attempt by Indonesia to litigate piecemeal the merits of the case and to direct Indonesia to complete its submissions on the merits by 12 November... I can assure you the board continues to work with diligence and enthusiasm to seek a suitable outcome for shareholders," said Chairman David Quinlivan in Wednesday's statement.
Churchill Mining shares were flat mid-morning Wednesday, trading at 22.75 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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