The Australian firm, previously Prairie Mining, launched worldwide arbitration proceedings in opposition to Poland in 2020, arguing that Warsaw breached bilateral treaties by blocking Prairie’s funding in two coal mines — Jan Karski and Dębieńsko.
Polish media reported on the time that the corporate may search as a lot as 10 billion zlotys ($2.64 billion) in compensation.
Concerning the Dębieńsko challenge, the tribunal didn’t uphold the declare underneath the treaties.
The tasks comprise coking coal in addition to thermal coal. Thermal coal, used for energy, is struggling to draw funding due to considerations in regards to the setting, whereas coking coal, utilized in steelmaking, continues to be seen as a strategic mineral.
The corporate was represented by worldwide disputes agency Lalive and co-represented by US-based agency Boies Schiller Flexner. The declare was introduced underneath the United Nations Fee on Worldwide Commerce Legislation Guidelines. The awards are last and binding.
“The tribunal’s unanimous choice regarding GreenX’s Jan Karski challenge gives additional confidence to the mining trade and worldwide buyers extra usually within the safety granted to them by the bilateral and multilateral funding treaty system,” Lalive accomplice Marc Veit mentioned in a information launch.
“It highlights that there’s profitable recourse in opposition to useful resource nationalism irrespective of the place it takes place, even in a developed European financial system,” Veit mentioned.
GreenX Metals can be advancing the Arctic Rift copper challenge in Greenland.