Youinvest | 7 September 2022
GreenX says £737 million claim against Poland proceeding ‘at pace’
by Alliance News
GreenX Metals Ltd on Wednesday said that arbitration against Poland is proceeding ‘at pace’.
GreenX are a Perth, Australia-based mineral exploration and development company developing the Arctic Rift copper project in Greenland.
The company submitted statements of reply relating to the Australia-Poland bilateral investment treaty, which determines the conditions of foreign direct investment, and energy charter treaty, which establishes a framework for cross-border cooperation in the energy industry.
Damages of £737 million are being claimed by GreenX across the two arbitrations which relate to both the Jan Karski and Debiensko mines in Poland.
This is the final significant filing that GreenX will make for the energy charter treaty arbitration, with the next steps being for Poland to lodge their final filing followed by a hearing to be conducted in front of the tribunal.
The claim formally commenced in September 2020.
GreenX alleges that Poland has breached its obligations under the applicable treaties through its actions to block the development of the company’s Jan Karski and Debiensko mines in Poland which, the company claims, ‘effectively deprives GreenX of the entire value of its investments in Poland.’
Chief Executive Officer Ben Stoikovich commented: ‘The claim is proceeding at pace, following the company’s submission of its statement of reply in... both the bilateral investment treaty and environment charter treaty arbitration.’
GreenX shares were trading 3.3% higher at 13.82 pence each in London at midday.