ATH Resources lost almost half its value on Thursday after it said a big drop in coal prices had hit trading hard and it was in discussions with its banks. "International coal prices have fallen by some 21% since the beginning of the calendar year and by over 28% since the beginning of the group's financial year," it said. This meant some projects would have to be delayed. "The board continues to have discussions with its banking syndicate...in order to secure adequate facilities for the group," it said. Shares dropped 47% on the news.
It was also a bad day for Churchill Mining, which said the Supreme Court of Indonesia had rejected its appeal over the revocation of four mining licences. The company has also filed a claim at the International Centre for Settlement of Investment Disputes in Washington D.C. against the Republic of Indonesia. It claims direct breaches of Indonesia's investment laws and Indonesia's obligations under international investment treaties. Churchill's share price fell 10% following the announcement.
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