Churchill: Key tribunal ruling expected on Feb 24

By Ruli Setiawan

UK-based coal miner Churchill Mining Plc wish said Friday that its lawyers, Quinn Emmanuel Urquhart & Sullivan, LLP have been provided with notice of the International Center for Settlement of Investment Disputes (ICSID) tribunal's intention to issue its ruling on the Republic of Indonesia's jurisdictional challenge to the treaty claims raised by Churchill and Planet Mining Pty Ltd, on 24 February 2014.

A temporary suspension in trading of the company's shares on the AIM stock market will take effect from 7.30am on 24 February 2014, Churchill said. Restoration of trading will take place following the Company's RNS notification of the tribunal's jurisdiction ruling. The company will release its notification as soon as possible after the ruling is received and the outcome has been established.

Churchill filed in May of 2012 a Request for Arbitration with ICSID against the Republic of Indonesia (RI), alleging that Indonesia breached its obligations under the UK-Indonesia Bilateral Investment Treaty when licenses on the East Kutai coal project in Kalimantan were revoked.

Churchill?s Australian subsidiary Planet Mining Pty Ltd, which via its 5 percent shareholding in PT Indonesia Coal Development also held an interest in the East Kutai Coal Project, filed a separate arbitration with the ICSID against RI pursuant to the Australia-Indonesia Bilateral Investment Treaty (the Planet Arbitration). The Churchill Arbitration and Planet Arbitration have subsequently been consolidated into a single proceeding.

The government of Indonesia then made a challenge on whether ICSID has the jurisdiction to hear the Churchill claims.

Editing by Reiner Simanjuntak