31st Jan 2017 09:59
LONDON (Alliance News) - Churchill Mining PLC on Tuesday said it is working with its law firm to determine its position following the dismissal of its claim against Indonesia in December and expects to be able to update shareholders by the end of February.
In December, Churchill's claims for damages against the Indonesian government over the country's decision to revoke Churchill's licences covering its sole asset, the East Kutai coal project, were dismissed.
The UK firm was ordered to pay USD9.4 million in costs and arbitration tribunal fees by the International Centre for the Settlement of Investment Disputes.
Churchill said Tuesday is is working with its lawyer, Clifford Chance LLP, on an analysis of the award and a review of potential grounds to seek revision of annulment of the award.
It anticipates being in a position to finalise its advice to shareholders by the end of February.
Shares in the company remain suspended pending clarification of its financial position.
By Sam Unsted; [email protected]; @SamUAtAlliance
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