19th Oct 2016 13:35
LONDON (Alliance News) - Churchill Mining PLC on Wednesday reported a wider pretax loss for the year to the end of June as it continued pursuing is claim against Indonesia over the revocation of the company's mining licences over the East Cutai coal project.
Churchill and the Indonesian government are arguing over the country's decision to revoke the company's licences covering East Cutai, the company's sole asset.
Churchill considers the measures taken by the Indonesian government as "unlawful" and is pursuing its claim against the country in an attempt to secure USD1.31 billion, plus interest, in damages.
In the most recent development, in mid-September, Churchill said it had expected a decision on the case by the end of September, but that has not materialised as yet.
Churchill does not make any revenue. In the year to the end of June, its pretax loss was USD3.2 million, widened from USD2.8 million a year prior.
Churchill shares were down 2.1% to 29.38 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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