Indonesia setback for Churchill Mining

19th Aug 2011 16:20

Shares in AIM-listed Indonesian miner Churchill Mining took a hammering on Friday after a legal set-back.The firm revealed that its appeal to the Administrative High Court in Jakarta over the revocation of two of the four licences on the East Kutai Coal Project has been dismissed.By 16.22 in the afternoon, shares plummeted 36% to 16p, down from Thursday's close of 25p."We are disappointed in the appeal decision and process," said chairman David Quinlivan."Despite this ruling, we are determined to protect our rights as a foreign investor within Indonesia and remain fully committed to protecting our interest in the East Kutai Coal Project."