Tribunal date set for Churchill Mining's spat with Indonesia

21st Jun 2016 16:35

(ShareCast News) - The tribunal ruling on Churchill Mining's dispute with Indonesia expects to pass down a ruling in September 2016. Churchill Mining, a British mining corporation, has been in a dispute with Indonesia since March 2013 for damages related to an unlawful seizure of the East Kutai Coal Project. Along with its partner, Planet Mining, they hold a 75% interest in the project.An independent valuation of Churchill Mining's damages from the seizure could be about $1.3bn.The International Centre of Settlement of Investment Disputes (ICSID) announced on Tuesday they had made "good progress" with deliberations on Indonesia's forgery dismissal application and expected to pass down a ruling during the course of September 2016.Churchill Mining chairman David Quinlivan said: "We are pleased that the tribunal has confirmed the timing of the issuing of its ruling on Indonesia's forgery dismissal application."On 21 April, Rupert Hargreaves from The Motley Fool told readers: "Churchill still has a long way to go before it can claim to have won against Indonesia, and even if the company does win in the courts getting the cash is another matter altogether."That said if Churchill does win and Indonesia pays up, investors stand to make more than 20 times their money."Churchill Mining's shares were down 14% to 20.32p at 1700 BST.