- The Inuit Ataqatigiit (IA) Party has formed a government in Greenland after winning the recent national elections.
- The Party has publicly extended its support for responsible mining practices.
- Eclipse Metals’ Ivittuut Project is home to the world’s largest historical cryolite mine, which produced over 3.8 million of high-grade cryolite between 1865 and 1985.
Eclipse Metals Limited (ASX:EPM) is rejoicing the formation of a new government in Greenland by the Inuit Ataqatigiit (IA) Party. National elections were held during this month. The IA Party and the Naleraq party have formed a coalition with support to their policies by other minor parties in the parliament.
The IA Party has been publicly vocal in the support of responsible mining practices in the country since its victory in the election. Recently, IA leader and incoming Prime Minister Muté Bourup Egede said that mineral exploitation was "a possibility for developing [Greenland's] economy", but the IA policy would exclude exploitation of uranium in Greenland.
The IA party holds a solid environmental platform which bodes well with Eclipse Metals' environmental initiatives.
Source: Eclipse Metals Limited Company Announcement 22 April 2021
In January 2021, Eclipse acquired the Ivittuut project in Greenland. The Ivittuut project is home to the world’s largest historical cryolite mine, which produced over 3.8 million of high-grade cryolite between 1865 and 1985. Cryolite is primarily used by the aluminium industry.
The Ivittuut project hosts the historical cryolite mine with significant undeveloped resources that include a large REE mineralisation hosting carbonatite deposit. The assessment of the previous exploration drilling program outlines significant mineral resources of fluorite and cryolite along with the presence of a very large high-grade quartz body beneath the base of the pit.
Eclipse has been assessing the mine potential to produce high-grade quartz, cryolite-fluorite and iron-zinc mineralisation in order to evaluate the economic aspect of historical tailings dump.
EPM traded at $0.018 a share on 22 April 2021 with a market capitalisation of $33.43 million.
All financial information pertains to Australian Dollars unless stated otherwise.