Churchill Mining has confirmed that the stay on enforcement of the East Kutai Coal Project Award will continue pending a decision on the Annulment Application.
Churchill filed an annulment application after an ICSID Tribunal granted Indonesia’s application to dismiss the company’s claims for damages following the revocation of mining licences.
Churchill Mining says it continues to pursue its $1.315bn claim against the Republic of Indonesia in relation to the revocation of its licenses at the East Kutai Coal Project.
The tribunal considered all claims inadmissible, ordering the claimants to bear all arbitration costs and to reimburse 75 per cent of Indonesia’s legal expenses.
International arbitration within the investor-state-dispute settlement (ISDS) mechanism has become a powerful weapon exploited by MNCs to circumvent national regulations and bully governments
The Indonesian Institute for Global Justice has asked the government to consistently apply the state regulation number 4 of 2009 and ignore Freeports threat to bring its legal dispute with the government to the International Court of Arbitration.
In its latest move to settle a dispute over mining policy, the government has challenged United States mining giant Freeport McMoran to go to an international arbitration tribunal for a fair result.
U.S. mining giant Freeport warned it could take the Indonesian government to arbitration and seek damages over a contractual dispute that has halted operations at the world’s second-biggest copper mine.