GreenX Metals Ltd announced on Monday that Poland has filed a request to set aside an arbitration award related to a successful claim by GreenX under the Australia-Poland bilateral investment treaty.

Poland is contesting the award based on jurisdictional issues and claims of procedural unfairness.

In October, the Greenland-focused minerals exploration company won its claims against Poland under both the bilateral investment treaty and the energy charter treaty regarding its Jan Karski project.

The tribunal awarded GreenX approximately £252 million under the bilateral investment treaty and £183 million under the energy charter treaty.

The awards included compounded interest at the sterling over-night interest rate plus 1%, which will continue to accrue until full payment by Poland, with approximately £1 million in interest accrued since the award was granted.

GreenX said it also expects Poland to apply to set-aside the award in relation to the energy charter treaty in due course.

The company said that the award ‘can only be set aside under limited circumstances’ and expects courts in England and Wales to uphold this standard.

GreenX also said that these proceedings do not permit the courts to re-examine the tribunal’s decision on the merits of the case, and that the ‘threshold for a successful set-aside motion in English courts is very high, with the vast majority of applications being rejected’.

Chief Executive Officer Ben Stoikovich said: ‘Whilst Poland’s actions of lodging a request for a set-aside of the award are not surprising, we note the recent comments made by the new Polish Prime Minister, Tusk, and welcome the opportunity to settle this dispute which will allow both parties to put this unfortunate episode behind us. The board of GreenX remains committed to obtaining payment of the award and returning capital to shareholders’.

GreenX shares were down 5.3% at 37.75 pence each in London on Monday afternoon.

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