GreenX Metals ASX: GRX reported Tuesday it has won its arbitration claims against Poland under both the Australia-Poland Bilateral Investment Treaty and the Energy Charter Treaty. 

The company was awarded £252 million ($325m) after the tribunal unanimously held that the Republic of Poland had breached its obligations under the Treaties in relation to the Jan Karski coking coal project.  

The Australian company, formerly Prairie Mining, launched international arbitration proceedings against Poland in 2020, arguing that Warsaw breached bilateral treaties by blocking Prairie’s investment in two coal mines — Jan Karski and Dębieńsko.  

Polish media reported at the time that the company could seek as much as 10 billion zlotys ($2.64 billion) in compensation. 

Regarding the Dębieńsko project, the Tribunal did not uphold the Claim under the Treaties.  

The projects contain coking coal as well as thermal coal. Thermal coal, used for power, is struggling to attract investment because of concerns about the environment, but coking coal, used in steelmaking, is still viewed as a strategic mineral. 

The company was represented by London-based firm Boies Schiller Flexner. The claim was brought under the United Nations Commission on International Trade Law Rules and the awards are final and binding. 

GreenX Metals is also advancing the Arctic Rift copper project in Greenland.

Source: MINING.COM – Read More