GreenX wins £252m arbitration award from Poland
The share price of coal developer GreenX soared on Tuesday as the LSE- and ASX-listed company announced a major win in its arbitration case against Poland.
GreenX has been awarded £252-million, or A$490-million, in compensation and interest, it announced in a statement.
The company, which was previously known as Prairie Mining, argued that Poland breached its obligations under the applicable treaties through its actions to block the development of the Jan Karski and Dębieńsko mines, effectively depriving the firm of the entire value of its investments in Poland.
The tribunal found that Poland had breached its obligations in relation to the Jan Karski mine, entitling GreenX to compensation. In respect of the Dębieńsko project, the Tribunal did not uphold the claim under the treaties.
In London, GreenX’s stock surged nearly 40% to £48.45 a share. The announcement was released after the markets closed in Sydney.
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