29th May 2018 11:36
LONDON (Alliance News) - Prairie Mining Ltd shares dropped Tuesday as the Polish Ministry of Environment rejected the company's application to amend the 50-year Debiensko mining concession.
Shares in Prairie Mining were down 31% Tuesday to 20.00 pence each.
The Australian mining company said it had wanted to amend the concession to extend the first production of coal from 2018 to 2025.
Prairie will appeal the decision as the Polish government's "justification for denial is fundamentally flawed for a number of reasons".
Prairie believe the decision fails to take into account "the requirements of the law and public interest in Poland, and the relevant facts of the company and its amendment application".
The Polish-focused miner said the decision "demonstrates yet further evidence of discriminatory treatment faced by Prairie as a foreign investor in Poland".
Prairie stressed the decision does not effect the validity and expiry date of the hard coking coal project in the Upper Silesian coal basin in south west Poland - which is June 2058.
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