27th Dec 2013 08:39
LONDON (Alliance News) - Churchill Mining PLC Friday said the tribunal decision on its Indonesian damages claim is expected in late January or early February.
Churchill cut down operations in May 2012 when it filed a Request for Arbitration at the International Centre for Settlement of Investment Disputes against the Republic of Indonesia, alleging that Indonesia breached its obligations under the UK-Indonesia Bilateral Investment Treaty when licenses on a coal site were revoked.
During May 2013 a hearing took place to determine whether the arbitral tribunal has jurisdiction to hear Churchill's claims, following a challenge to the jurisdiction of the case made by Indonesia.
The AIM-listed thermal coal producer said it will provide an update when the decision is made.
Churchill Mining shares were up 5.7% at 18.50 pence, putting it in the top AIM movers Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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