It is reported that shares in AIM listed Indonesian miner Churchill Mining took a hammering on August 19th 2011 after a legal set back.

The firm revealed that its appeal to the Administrative High Court in Jakarta over the revocation of two of the four licenses on the East Kutai Coal Project has been dismissed.

By 16.22 in the afternoon on August 19th 2011, shares plummeted 36% to 16p, down from Thursday’s close of 25p.

Mr David Quinlivan chairman said that “We are disappointed in the appeal decision and process.”

He added that "Despite this ruling, we are determined to protect our rights as a foreign investor within Indonesia and remain fully committed to protecting our interest in the East Kutai Coal Project."

(Sourced from www.livecharts.co.uk)