https://www.miningweekly.com
Business|Charter|Energy|Mining|Resources
Business|Charter|Energy|Mining|Resources
business|charter|energy|mining|resources

Prairie’s arbitration claims against Poland ongoing

30th April 2021

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

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.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.138 0.174s - 107pq - 2rq
Subscribe Now