Prairie Mining files $1 billion claim against Poland for coal mining fiasco

London-listed shares in Prairie Mining Ltd. rose 23% yesterday after the company said it has filed a claim for compensation against Poland with the tribunal in the Australia-Poland Bilateral Investment Treaty arbitration.

The mining company, which is listed in Australia and the U.K., said the claim is part of continuing international arbitration claims over Poland’s actions to block the development of the company’s Jan Karski and Debiensko coal mines in Poland.

Prairie said it is claiming compensation of $1.14 billion based on a valuation of damages prepared by external experts. The company said it is well funded to pursue the claim.

Poland’s Ministry of Foreign Affairs didn’t immediately respond to a request for comment.

London-listed shares in Prairie at 0711 GMT were up 23% at 16 pence.

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