Churchill Mining losses widen as Indonesia arbitration drags on

19th Oct 2016 14:35

(ShareCast News) - Along with an increased loss, final results from Churchill Mining carried a detailed account of its ongoing arbitration claim against the Indonesian government after it revoked the licence to mine the East Kutai coal project coal project.The AIM-listed company spent $1.54m on legal and other professional fees in the year to end-June, up from $1.17m a year before, and $0.9m on directors and other staff, up from $0.75m.This saw the loss attributable to shareholders rise to $3.2m from $2.79m last time, with cash on the balance sheet down to $1.47m from $2.05m.Chairman David Quinlivan said the company's key objective is "to restore shareholder value following the revocation of the mining licences"Churchill and Planet, its partner on the 2.8bn-tonnes EKCP, have quantified their losses and seek $1.315bn damages, which includes interest, from the Republic of Indonesia.As things currently stand, Quinlivan said he is given to understand that, once the tribunal has considered the parties' recent further submissions and replies, the tribunal will proceed to finalise and issue its decision in respect of Indonesia's Forgery Dismissal Application.Shareholders keen to follow the progress of the claim are invited to visit the website of the International Centre for Settlement of Investment Disputes and search for Churchill.