Energy Transition Minerals (ASX:ETM) has expressed frustration after 2.5yrs of legal arbitration leaves the company still standing at the start of a battle over its right to mine in Greenland.
The latest update in the long-running dispute has seen ETM told by a tribunal that its case against Greenland’s government and Denmark’s will be bifurcated over jurisdictional concerns.
In other words: an adjournment. That tribunal’s decision is unrelated to what may come from other courts in Greenland and Denmark where Energy Transition Minerals filed other claims against both governments.
(The company had first approached the tribunal, then after more than a year of inaction, proceeded to file other writs in courts proper. The company says it was forced to do this by a statute of limitations measure.)
The ultimate thrust of ETM’s lawsuit against Greenland’s government is based on its claim that country’s government incorrectly cancelled its flagship Kvanefjeld Project, intended to be a rare earths project.
The project has, in a sentence, come into trouble because REEs are radioactive and there’s trace uranium mineralisation on-site.
The webpage for that project currently reads: “[ETM] has filed a Statement of Claim with an arbitral tribunal seated in Copenhagen. The Claim pertains to its dispute with the Governments of Greenland and Denmark regarding the Company’s rights under its current exploration licence.”
That statement does not relate to the secondary actions launched in May of this year.
The company, all in all, is effectively seeking to sue Greenland for 4x its national GDP.
But if it’s going to get a payout like that – clearly, the market predicts there’s a lot of time to wait.
ETM last traded at 2.5cps. (In early 2021, it was worth 30cps.)
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