The share price of coal developer GreenX surged by nearly 40% on Tuesday following the company’s announcement of a significant victory in its arbitration case against Poland. GreenX, which is listed on both the London Stock Exchange (LSE) and the Australian Securities Exchange (ASX), has been awarded £252 million (A$490 million) in compensation and interest.
The company, formerly known as Prairie Mining, had claimed that Poland violated its obligations under international treaties by obstructing the development of the Jan Karski and Dębieńsko coal mines. This, GreenX argued, deprived the company of the entire value of its investments in the country. The arbitration tribunal ruled in favor of GreenX regarding the Jan Karski project, awarding compensation for the breach. However, the tribunal did not uphold GreenX’s claim related to the Dębieńsko mine.
As a result of the ruling, GreenX’s stock surged in London, closing at £48.45 per share, reflecting a nearly 40% increase. The announcement came after the markets had closed in Sydney.
