23rd Dec 2015 09:33
LONDON (Alliance News) - Churchill Mining PLC on Wednesday disputed comments reported by an Indonesian news service regarding its ongoing dispute with the country's government.
Churchill said an article published by Petromindo, a mining and energy news service in Indonesia, on December 7 quoted the head of the Legal Bureau at the Directorate General of the Indonesian Ministry of Energy and Mineral Resources saying the Indonesian government intends to conclude the arbitration proceedings with Churchill in early 2016, but that Churchill may attempt to delay this.
Churchill said it has actively sought to have all aspects of the case dealt with as quickly as possible.
Earlier this year, Churchill launched legal proceedings against Indonesia at the International Centre for Settlement of Investment Disputes, based in Washington, claiming the Indonesian government unlawfully revoked mining licences that had been awarded to Churchill for its East Kutai coal project, in which it held a 75% stake through its relationship with the Ridlatama Group.
"While I believe it would be in the interests of both Churchill and Indonesia if the ICSID arbitration were to be concluded amicably to the satisfaction of both parties in early 2016, I was disappointed to see that Indonesia has chosen to aggravate the dispute by publicly suggesting that Churchill is interested in delaying the arbitration," said Churchill Chairman David Quinlivan in a statement on Wednesday.
"Nothing could be further from the truth. Churchill has never delayed any part of the proceedings. In contrast, Indonesia has taken every opportunity to avoid presenting its defence to Churchill's claims, first by objecting to the jurisdiction of the arbitrators and then, after that objection failed, by making a further preliminary objection based on allegations of fraud and forgery," he added.
Churchill shares were down 9.8% to 21.7668 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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