12th Mar 2015 11:42
LONDON (Alliance News) - Churchill Mining PLC, which is currently in an arbitration dispute with the Indonesian government, Thursday said there was a "major fire" on Monday at the Kosgoro building in Jakarta where the offices of its Indonesian subsidiary are located.
Churchill said the fire was "eventually extinguished" by midday Tuesday, and the building is currently being inspected. Initial reports indicate the fire has "extensively damaged" a number of floors in the building, including the floor where the offices of its subsidiary are located.
It indicated that it was unclear at this stage when or if it would be able to return to these offices.
The offices were raided last August by the Indonesian government as part of investigation into alleged license document forgery, seizing records and equipment in the process. Churchill Mining is currently in dispute with Indonesia about getting compensation for the revocation of mining licenses relating to the East Kutai coal project in East Kalimantan, in which it has a 75% interest.
"Whilst this fire will result in some disruption as we prepare for the next phase of our ICSID arbitration case against the Republic of Indonesia, our primary concern is for the safety of our employees and in this regard I am happy to advise that all ICD's Jakarta office employees are safe and well," said Chairman David Quinlivan in a statement.
Shares in Churchill Mining are trading down 4.2% at 11.50 pence late Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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