Prairie Mining Takes Polish Environment Ministry To Court, Shares Fall

LONDON (Alliance News) - Prairie Mining Ltd's shares plunged on Tuesday as the company said it has commenced legal proceedings against Poland's environmental ministry over the non-award of a mining usufruct agreement for the Jan Karski project in the country.

Shares in the company were down 29% on Tuesday at 32.62 pence each.

Prairie was the only company with the right to apply for a mining concession at Jan Karski until Monday, when the exclusivity expired, but could not do so as it had not received an environmental consent decision despite filing an environmental & social impact assessment.

Prairie was originally granted an exclusive right to apply for the concession in July 2015 after the ministry approved its geological documentation for Jan Karski.

It applied for a mining usufruct agreement in December, but this has not been given, and proceedings have been filed to protect Prairie's security of tenure for Jan Karski. No concession can be given to another party while legal proceedings are ongoing.