An international arbitration tribunal rejected Churchill Mining PLC's request to annul an earlier decision dismissing the company's claims against the Indonesian government over the East Kutai coal project.
In 2014, Churchill lodged a US$1.32 billion claim against the Southeast Asian country with the International Centre for Settlement of Investment Disputes following the revocation of its licenses at the project.
However, Churchill lost the case in 2016 and was ordered to pay a US$9.4 million award. The company filed an appeal a year after.
After the latest ruling, Churchill will now be required to pay the award apart from the cost of proceedings totaling US$397,536, which the company already advanced.
In a March 19 release, Churchill called out the tribunal for not being fair and questioned its credibility. It also described the award as "defective" and "partisan."
The company's shares on the NEX Exchange will remain suspended, it said.