The Singapore International Commercial Court has dismissed in full the Republic of Poland’s application to set aside an Energy Charter Treaty arbitration award in favour of GreenX Metals (ASX:GRX), reaffirming the company’s entitlement to compensation.
GreenX was awarded approximately £252 million in compensation and interest in October 2024 after an arbitral tribunal unanimously found that Poland had breached its obligations under the Australia–Poland Bilateral Investment Treaty and the ECT, with about £183 million attributable to the ECT award.
Poland filed its set-aside application in Singapore in January 2025, challenging the tribunal’s jurisdiction and alleging procedural unfairness, and the hearing was held in July 2025. In its judgment, the Singapore court rejected all of Poland's arguments.
A redacted decision has been released and will be brought to the attention of the English courts, where Poland is separately seeking to set aside the BIT award.
GreenX said additional interest of about £17 million has accrued since October 2024 and will continue to compound annually until full payment is made.
At the time of reporting, GreenX Metals’ share price was $1.01.