Prairie Mining Limited has filed for arbitration. It is a bilateral investment agreement between Australia and Poland. The Australians are claiming compensation of 806 million pounds, or about 4.2 billion zlotys.
“The claim for compensation against Poland has been submitted to the court (…) and includes an assessment of damages and profits lost by Prairie in connection with the JKM and Dębieńsko mines, as well as interest accrued on potential damages” – reads Prairie’s press release.
Prairie claims that the Republic of Poland has breached its treaty obligations by acting to prevent the development of the Company’s Jan Karski and Dębieńsko mines in Poland, and these actions have stripped it of all the value of its investments in Poland.
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Let us recall that a few years ago, the Australian company Prairie Mining envisaged building two mines in Poland, from which it was to extract millions of tons of high-quality coal annually. It turns out that the reality in our reality is more complex. Officials obstructed the development of investment projects.
The Company asserts that it has sufficient funds to pursue the case in connection with the claim as a result of entering into the financing agreement in the amount of US$ 12.3 million, from which funds are currently being raised to cover legal, court and external expert costs. .
– The case is progressing rapidly and the company has already filed a lawsuit in arbitration, which included an assessment of the damage prepared by outside experts on the scale of the claims – Prairie CEO Ben Stojkovic notes.
Already in September 2020, Prairie officially launched international arbitration proceedings against Poland on the basis of both the Energy Charter Treaty and the Investment Support and Mutual Protection Agreement between Australia and Poland.
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