GreenX Metals (ASX:GRX) has rocketed more than +15% on Monday as a court in Singapore has dismissed a trade appeal from Poland that temporarily suspended a $378 million payment, which was a decision made in October 2024.
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That CY24 decision related to the Australia-Poland Bilateral Investment Treaty and stems from a complaint from GreenX, which ultimately posited the Polish gov’t acted illegally when it blocked two coal mines GreenX was trying to establish.
(GreenX, at the time, was called “Prairie” – and then later adopted the kind of name one probably wouldn’t associate with coal mining. At least not if you aren’t a cynic.)
At the time, lawyers representing GreenX described the CY24 decision as a win against ‘resource nationalism.’ For context, this also occurred in CY20 – the year that the world shut down due to a modern plague, COVID-19. It was a win for a small Aussie company that quite literally took on the entire Republic of Poland.
Perhaps unsurprisingly, in a bid to get out of that $378M payment payable to GreenX, Poland last year effectively appealed the decision in a bid to suspend the payment obligation, hoping to secure a better outcome in a Singaporean court (just due to the nature of it being a trade dispute).
Now, the Singaporean court has dismissed the appeal. So in a way, GreenX is now back where it was in CY24. Talk about the slow-moving wheel of law.
Poland still has a chance to appeal this one final time at a higher court, so it mightn’t all be easy breezy yet. But price action on Monday surely shows that investors are sick of hearing about this court case, and that prima facie, they’re pretty certain GreenX isn’t the one struggling to meet the burden of proof.
GRX last traded at $1.01/sh today after gaining that +16%.
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