GreenX Metals Ltd - Developing Arctic Rift copper project in Greenland - Files GBP737 million statement of reply for a revised compensation claim against Poland.
Claim against Poland continues to allege that Poland breached its obligations under the ECT and BIT treaties in order to block the development of the company's Jan Karski and Debiensko mines in Poland.
Next step is for Poland itself to lodge its final submission to the Tribunal, followed by a hearing to be conducted.
"The claim is proceeding at pace, following the company's submission of its Statement of Reply in the BIT arbitration, which included a revised valuation of damages. The compensation being claimed by the company is GBP737 million following an update prepared by external quantum experts. The GreenX management team continues to work with its legal counsel and a range of external experts in prosecuting the claim," said Chief Executive Officer Ben Stoikovich.
Current stock price: 10.71 pence
12-month change: down 19%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Greenx Metals (GRX)