21st Feb 2014 11:32
LONDON (Alliance News) - Churchill Mining PLC Friday said it expects to receive a ruling on its international arbitration claim against the Republic of Indonesia on February 24.
The thermal coal producer said its lawyers Quinn Emmanuel Urquhart & Sullivan LLP were informed of the date the International Centre for Settlement of Investment Disputes will give its ruling.
The company added that a temporary suspension in trading of the Company's shares on AIM will take effect on February 24 and the shares will restart trading following a notification of the ruling.
Churchill announced earlier in the month that it has still not received the ruling despite being told the decision was expected in late January or early February.
Churchill cut down operations in May 2012 when it filed a Request for Arbitration 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.
Churchill Mining shares were up 32.6% to 31.5 pence, making it the top AIM riser Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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