Prairie’s arbitration claims against Poland ongoing
Aim-listed Prairie Mining’s international arbitration claims against the government of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland bilateral investment treaty (BIT) continues, the company said in a quarterly report for the period ended March 31.
During the period, the BIT claims tribunal was constituted and the claim was registered with the Permanent Court of Arbitration in the Hague.
Prairie alleges that Poland has breached its obligations under the treaties through its actions to block the development of the company's Jan Karski and Debiensko mines.
Poland's actions have deprived Prairie of the entire value of its investments in Poland, the company says.
It indicates that claims for damages may include but are not limited to the value of Prairie's historical expenditure in developing both the Jan Karski and Debiensko mines, lost profits and damages, which is linked to the net present value of both mines, and accrued interest related to any damages.
Prairie’s claim against Poland will be prosecuted through an established and enforceable legal framework with both parties having agreed to apply the United Nations Commission on International Trade Law Rules to the proceedings.
The company says it is well funded to pursue the claim, with a $12.3-million litigation funding agreement in place, which is currently being drawn down to cover legal, tribunal and external expert costs and defined operating expenses associated with the claim.
Moreover, at quarter end, it had cash reserves of A$5.3-million.
Prairie says it continues efforts to identify and assess other suitable new business opportunities, focused on the resources sector.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...
VISIT SHOWROOM
Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
