Churchill Mining still appealing Kutai decision

31st Jan 2017 15:36

(ShareCast News) - Churchill Mining announced on Tuesday that, further to its announcement on 23 December, it was continuing to work with the its solicitors Clifford Chance on a detailed analysis of the award and a review of potential grounds to seek revision or annulment of the award pursuant to section 5 of the ICSID Convention.The AIM-traded firm had initially announced in early December that it was claiming for damages arising out of the revocation of its mining licences at the Kutai Coal Project in East Kalimantan."[We] expect to be in a position to finalise ... advice to shareholders by 28 February," Churchill's board said in a statement."The suspension in trading of the company's shares on AIM will continue to remain in place pending clarification of the company's financial position, which can only be assessed in light of the directors' decision on the filing of a revision or annulment application, and the subsequent position on the $9.4m costs order."