Churchill Mining
Full Churchill Mining profile here
Churchill Mining PLC is an AIM listed (CHL) mining company with a significant thermal coal development project located in the East Kutai Regency of Kalimantan, Indonesia, where to date more than 2.73 billion tonnes of coal resource has been defined to JORC standard. The project feasibility study has been completed, indicating an economic and desirable project and the study forms the platform for the next stage in the development of the Project. In addition to the East Kutai Coal Project, Churchill has interests in the Sendawar Coal Bed Methane Project in East Kalimantan, Indonesia and a strategic holding in Spitfire Resources, who are developing the South Woodie Woodie Manganese Project in Western Australia.
Churchill Mining provides update on dispute with Ridlatama Group members
Thursday, December 22, 2011 by Giles Gwinnett
Churchill Mining (LON:CHL) provided investors today with an update on its dispute with members of the Ridlatama Group.
The dispute relates to alleged breaches of the 2008 investors agreements.
The agreements are between Churchill's subsidiary, PT Indonesia Coal Development (ICD), and members of the Ridlatama Group.
Churchill's subsidiary, PT Indonesia Coal Development ICD, has lodged a claim against Mr Andreas Rinaldi in Indonesia and began arbitration proceedings in Singapore against other members of the Ridlatama Group for breaches of the investor's agreements.
As reported last month, ICD has also received certain letters from Ridlatama Group companies by which they purported to terminate the 2007 Investors Agreement with ICD.
Today, Churchill said: "Further to the above arbitration proceedings, ICD has now been served with a counter claim filed on behalf of the Ridlatama Group.
"The counterclaim seeks an order that ICD's 75 per cent interests in PT Ridlatama Tambang Mineral and PT Trade Powerdino be declared null and void."
The company said that the claim was essentially based on the same matters alleged in the letters and reported on November 11 this year - namely alleged failure to make certain payments by ICD.
Churchill said in today's statement: "ICD considers the Ridlatama counter claim frivolous and categorically denies the allegations made. All the relevant payments were made, and ICD continues to believe the claims to be baseless.
"ICD has referred the new claims to its solicitors in Indonesia and believes these claims have no commercial or legal merit and will continue to take whatever action it deems necessary to fully protect its legal rights in this matter."
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