4th Dec 2008 13:58
CHURCHILL MINING PLC
("Churchill Mining") or ("the Company")
HOLDINGS IN COMPANY
Churchill Mining (AIM:CHL) is pleased to announce that Indo Setubara Limited ("ISB") has purchased 4,450,000 ordinary shares, representing 6.62% of the Company. ISB notified Churchill Mining of the acquisition of shares on 4 December 2008.
ISB, a company managed by Advaita Partners Limited ("Advaita"), is aiming to become a preferred fuel supply partner for Indian power producers. It has an interest in several coal concessions in Indonesia and Mozambique. Advaita, an investment manager focussed on energy sector, also has mandates for coal supply from several power companies setting up over 10 GW of imported coal based power capacity in South India.
Commenting on the investment, Paul Mazak, Managing Director of Churchill Mining, said:
"Churchill Mining welcomes the investment of ISB and looks forward to further developing its relationship with the company. Such a significant investment in Churchill Mining as it fast-tracks its East Kutai Coal Project to production acknowledges the vote of confidence that this investment in Churchill Mining represents."
Enquiries:
|
Churchill Mining Plc Managing Director - Paul G. Mazak |
+62 81510539186 / + 62 21 39832398 |
|
Blue Oar Securities Romil Patel / Olly Cairns |
+44(0)20 7448 4400 / +61 (0)8 6430 1631 |
|
Pelham Public Relations Candice Sgroi |
+44 (0)207 743 6376 |
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