31 Dec 2019 07:00
PRAIRIE MINING LIMITED
NEWS RELEASE | 31 December 2019
Lublin Concession Update
Prairie Mining Limited ("Prairie" or the "Company") note that a press release has been issued by Lubelski Węgiel BOGDANKA S.A. ("Bogdanka") which indicates that Bogdanka has been awarded a mining concession by the relevant Polish government authorities for the K6-7 deposit area. The K6-7 deposit forms an integral part of Prairie's planned Jan Karski Mine at the Company's Lublin concession.
Prairie is not able to make further comment regarding Bogdanka's announcement until formal Polish government notifications are received by the Company and a formal legal assessment can be made. Prairie will continue to fulfil its continuous disclosure obligations, however the award of a mining concession to Bogdanka continues to demonstrate evidence of the discriminatory treatment faced by Prairie as a foreign investor in Poland.
In February 2019, Prairie formally notified the Polish government that there exists an investment dispute between the Company and the Polish government.
Prairie's notification called for prompt negotiations with the government to amicably resolve the dispute and indicates Prairie's right to international arbitration in the event the dispute is not resolved amicably. The dispute arises out of certain measures taken by Poland in breach of the Energy Charter Treaty and Australia-Poland Bilateral Investment Treaty. The Company remains open to resolving the dispute with the Polish government amicably. As of the date of this announcement, no amicable resolution of the dispute has occurred, since the Polish government has declined to participate in substantive discussions related to the dispute.
Prairie is currently working with its legal advisers (including international arbitration legal experts) to prepare submissions and finalise funding arrangements for the international arbitration claim(s).
Prairie can confirm that it is taking all necessary actions to pursue its legal rights regarding its investments in Poland.
For further information, please contact:
Prairie Mining Limited | Tel: +44 207 478 3900 |
Ben Stoikovich, Chief Executive Officer | Email: info@pdz.com.au |
Sapan Ghai, Head of Corporate Development |
This announcement as been authorised for release by the Company's Chief Executive Officer, Mr Ben Stoikovich.