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Q121 report ups Greenland Minerals’ hopes for Kvanefjeld rare earth project

Summary

  • Greenland Minerals Limited (ASX:GGG) has given the lowdown on Q1 2021 activities and developments across its Kvanefjeld rare earth project.
  • Public consultation over Kvanefjeld is in progress – a key step in the Greenland Government's formal decision-making process for the issuance of an exploitation licence.
  • The Company looks forward to initiating discussions with the new Government regarding Kvanefjeld’s outlook.

The shares of Australian exploration company Greenland Minerals Limited (ASX:GGG) traded up by over 2.5% at A$0.082 in the early trading hours of 3 May 2021. The company continues to enjoy positive sentiment after its announcement on the activities and developments across its 100% owned Kvanefjeld rare earth project in Greenland, across Q1 2021.

Cash and cash equivalents at the end of the quarter amounted to A$34,642K.

GOOD READ: Here’s what may lead to Greenland Minerals’ (ASX:GGG) progress in 2021

Notably, Kvanefjeld is bolstered by a JORC-code compliant resource of over a billion tonnes, along with an ore reserve estimate of 108 million tonnes to sustain an initial 37-year mine life. It offers a new, simpler path to rare earth production as compared to traditional refractory sources.

The project is in the final stages before it can be eligible for the issuance of an exploitation licence.

MUST READ: Greenland Minerals’ Kvanefjeld Project beats COVID-19 blues to march ahead

Kvanefjeld’s strengths, Source: New World Metals Conference, Dec 2020

Statutory Public Consultation Developments

The public consultation process, or Kvanefjeld’s Environmental Impact Assessment (EIA) and the Social Impact Assessment (SIA) hearing, remained the primary focus for Q1 2021. It began on 18 December 2020 and is scheduled to run through to 1 June 2021.

RELATED READ: How the public consultation process of Greenland Minerals’ Kvanefjeld Project faring?

This is an essential landmark in the Government's formal decision-making process in relation to the issuance of an exploitation license for Kvanefjeld.

During the process-

  • Greenlandic, Danish, and English versions of the EIA and the SIA were made available on the Greenland Governments public hearing portal.
  • Public meetings were held in major towns in southern Greenland.

New Greenland Government

After the April national election in Greenland, the Inuit Ataqatigiit (IA) and Naleraq parties have formed a new coalition Government.

ALSO READ: Greenland Minerals stock is up over 20%, but why?

Meanwhile, the Company has applied for an exploitation (mining) licence. It has also taken advice from senior Danish legal counsel regarding its legal rights in respect of its application.

RELATED READ: Greenland Minerals keen to connect with new Greenland Government over Kvanefjeld project

Greenland Minerals reiterates that every aspect of Kvanefjeld is based on international environmental standards and the principles of ‘Best Available Technology’ and ‘Best Environmental Practice’.

Coming Next

At the end of the public consultation process/hearing period, Greenland Minerals is required to address all hearing comments in a White Paper.

Besides, Greenland Minerals is keen to initiate a dialogue with the new Government to discuss the protection and enforcement of the Company’s legal position, rights and assets (including the right to be granted an exploitation licence).

INTERESTING READ: Will Greenland Minerals’ Kvanefjeld change the global rare earth supply landscape?

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