Greenland Minerals Limited (ASX: GGG) announced that Greenlandâs Ministry of Industry and Energy (MIE) has advised the company about its Social Impact Assessment (SIA) for the Kvanefjeld rare earth project is now meeting the standards required for public consultation in Greenland.
As per Greenlandâs Mineral Resources Act, the applicants for mining exploitation licenses are required to submit a Social Impact Assessment, along with a complementary Environmental Impact Assessment (EIA), as part of their applications. Once both assessments are accepted and reviewed by the relevant Greenlandic authorities, they must be made available for public consultation.
In general practice, the SIA is reviewed by the Ministry of Industry and Energy and an Environmental Impact Assessment is reviewed by Greenlandâs Environmental Agency for Mineral Resource Activities (EAMRA). Greenland Mineralsâ revised and updated EIA is currently undergoing regulatory review by EAMRA.
The primary objective behind public consultation is to allow an opportunity for stakeholders to provide feedback on the Social Impact Assessment, thereby helping to ensure that the all impacts and potential issues are described and addressed to the satisfaction of local communities. After the public consultation, a final SIA will be prepared, which would be incorporating all the feedback. This final SIA will then be submitted to the Government of Greenland before the formal issue of a mining license.
Shared Resources Pty Ltd, which is an independent Australian consultant, prepared the Greenland Mineralsâ SIA. Shared Resources is specialized in international social impact assessments for natural resources projects incorporating best practice benchmarks and the International Finance Corporationâs âPerformance Standards.â Under the final review, the SIA has been prepared and submitted in two versions, i.e. Greenlandic and Danish.
Greenland Mineralsâ Managing Director, Dr. John Mair stated that they have achieved their first of several important milestones in the long?term commercialization of Kvanefjeld. Management is filled with gratitude towards Greenlandâs Ministry for Industry and Energy for their diligent and professional guidance in preparing a high?quality SIA. Their EIA, as per the opinion of the companyâs external advisers, has been conducted by independent experts to a very high standard and is effectively completed. Though there have been delays in the EIA regulatory review process due to a lack of timelines, it would have a little impact over it. For this, they are continuously in dialogues with the administration regarding establishing clear forward timelines for the company to meet standard investor expectations.
Mineral exploration and development company, Greenland Minerals Limited focuses on developing high?quality mineral projects in Greenland. It is working closely with a strategic partner, Shenghe Resources Holding Co. Ltd to develop Kvanefjeld to supply future rare earth minerals.
At the time of writing (on March 28, 2019, AEST: 02:22 PM) the stock of Greenland Minerals was trading at $0.050, up 0% with the market capitalization of ~$56.63 million. Today, it made dayâs high at $0.052 and dayâs low at $0.049, with daily volume of more than 1,839,071. Its 52 weeks high was at $0.105 and 52 weeks low at $0.049 with an average volume of 1,625,753. Its absolute return for the five years, one year and six months are -71.34%, -40.48%, and -36.71%, respectively.
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