Churchill Mining has confirmed that, following a previous announcement regarding its request for continuance of the provisional stay on enforcement of the Award in ICSID Case No. ARB/12/14 and ARB/12/40 until completion of the annulment proceedings, the Company, subject to pledging the Port Land property that it had purchased in the East Kalimantan Province of Indonesia for the East Kutai Coal Project as security, the stay on enforcement of the Award will continue pending a decision on the Annulment Application.
In its ruling, the ICSID ad hoc committee has called for the Company to (i) use its best efforts to implement the pledge, (ii) provide an update on progress to the ICSID Secretariat within 15 days, and (iii) provide a copy of the pledge to the Committee and the ICSID Secretariat within 30 days.
The Committee has also stated that if implementation of the pledge is not complied with the stay on enforcement will be automatically terminated.
The Company said it has commenced work on preparation of pledge documentation.