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LONDON (Alliance News) - Churchill Mining PLC on Thursday said it has been informed Indonesia has paid the delayed fifth instalment sought by the International Centre for the Settlement of Investment Disputes in the ongoing case between the AIM-listed miner and the Southeast Asian country.
Churchill said the ICSID has advised Churchill the USD200,000 due from Indonesia was paid via wire transfer, covering the fifth advance of ICSID's fees and expenses.
In addition, ICSID said the USD200,000 paid earlier by Churchill to address Indonesia's default will be repaid to the company.
Churchill said it has not been made aware of any explanation as to why there was a near-two-month delay in Indonesia paying its share of the fifth fee advance or for its "apparent disengagement from the arbitral process."
"We are pleased that the issuing of the ruling on Indonesia's Forgery Dismissal Application is close. Obviously it is also pleasing that, albeit belatedly, Indonesia has paid its share of the fifth advance on the Tribunal's fees. We still do not understand why Indonesia defaulted, but we trust an explanation will be provided," said Churchill Chairman David Quinlivan.
Churchill and the Indonesian government are arguing over the country's decision to revoke the company's licences covering its sole asset, the East Kutai coal project. Churchill considers the measures taken by the Indonesian government as "unlawful" and is pursuing its claim against the country in an attempt to secure USD1.31 billion, plus interest, in damages.
Churchill shares were down 5.5% to 19.50 pence Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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