April 12, 2012 / 5:26 AM / 7 years ago

Churchill Mining says to seek over $2 bln from Indonesia

JAKARTA, April 12 (Reuters) - London-listed Churchill Mining Plc will take the Indonesian government to international arbitration and seek more than $2 billion in compensation in a dispute over a huge coal asset.

Churchill Mining Plc has been in dispute for almost four years over the right to develop the undeveloped coal asset.

“Correct,” Churchill Executive Chairman David Quinlivan told Reuters on Thursday, when asked whether the matter would now go to international arbitration.

“The arbitration would take place in a country that is neutral to Indonesia and Great Britain,” he added. “We are in the process of preparing our application at the moment.”

The 350-sq-km (135-sq-mile) mine site in East Kutai, a coastal district in East Kalimantan province, is said to contain 2.8 billion tonnes of coal reserves. (Reporting by Michael Taylor; Editing by John Mair)

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