A London-listed miner looks set to enter administration after it lost a battle with the Indonesian government.
Churchill Mining has told a court that it intends to appoint administrators, with RSM ready to step in, the Sunday Times reported.
The firm had been seeking damages from Indonesia after its mining licenses were revoked for one of the world’s largest coal deposits.
Two weeks ago it said attempts to overturn a 2016 decision which denied compensation requests, was dismissed by the ICSID Annulment Committee.
The decision landed Churchill with a $398,000 bill for the arbitration costs.
Churchill chairman David Quinlivan said at the time: “We are extremely disappointed that the committee has elected not to correct what was by any objective measure a manifestly defective and partisan award. It is the company’s view that this case and its outcome will reflect poorly on the fairness of ICSID arbitration process.”
Churchill could not be reached for comment.