Churchill Mining soars after Indonesian authorities withdraw allegations against it

4th Jun 2015 13:08

AIM-listed miner Churchill saw its shares rocket after announcing that Indonesia has changed its allegations and agrees with the company that it did not participate in an alleged scheme to defraud the state.The country had accused the firm of obtaining licences for its 75%-owned East Kutai Coal Project in East Kalimantan.The surprise change came after the company submitted its formal response to the International Centre for Settlement of Investment Disputes, which included witness statements and further information uncovered by a forensic document specialist.Indonesian officials are now alleging that Churchill's former Indonesian business partners, the Ridlatama Group, were the sole perpetrators of the allegedly fraudulent scheme.Shares in Churchill had soared 83.3% to 44.00p by 1439 BST.