Churchill mulls response over tribunal costs

Stock Market Wire | 31 January 2017

Churchill mulls response over tribunal costs

Churchill Mining continues to see whether there are grounds to seek a revision of annulment of costs awarded against the company after it lost its claims for damages following the revocation of mining licences.

Last month, the ICSID Tribunal granted Indonesia’s application to dismiss Churchill’s claims and ordered the company to pay $9,446,528 in costs and arbitration tribunal fees.

Churchill said the directors were continuing to work with the company’s solicitors, Clifford Chance LLP, on a detailed analysis of the award and a review of potential grounds to seek revision and/or annulment of the award under section 5 of the ICSID Convention. The company said it expected to be in a position to finalise its advice to shareholders by 28 February.

Churchill said the suspension of its shares on AIM would remain pending clarification of the company’s financial position which could only be assessed in light of the directors’ decision on the filing of a revision and/or annulment application.