- The Greenland Government has said it will make a final decision within the next six months on whether it will grant Greenland Minerals (GGG) an exploration licence
- At the end of 2021, the government banned uranium mining in Greenland and then rejected GGG’s application for a licence within the Kvanefjeld rare earths project
- In a press release, the Greenland Government said there’s “sufficient information” to make a decision on the application
- However, GGG says the government hasn’t mentioned any outstanding statutory steps for the application process and wants it to perform its role diligently before making a decision
- The company intends to write to the government to formally protest the approach outlined in the notification and press release
- GGG shares are in the grey and trading at 6.8 cents per share
The Greenland Government will make a final decision within the next six months on granting an exploitation licence to Greenland Minerals (GGG).
The company recently requested arbitration in the dispute with the governments of Greenland and Denmark to protect its investment in the Kvanefjeld rare earths project in Greenland.
This came after the Greenland Government rejected an exploration licence for GGG, following it passing a legislation last November to ban uranium mining in Greenland.
When the Greenland Government assured it would make a final decision on the licence last Friday, it also notified the company that it “has decided to stop informing the matter of its application for an exploitation licence and start making a decision on whether or not to grant an exploitation licence, based on the material currently available.”
The government will also assess “whether granting an exploitation licence conflicts with Act No. 20 of December 1, 2021, to ban uranium prospecting, exploration and exploitation, etc.”
In a press release, the Greenland Government added there was “sufficient information” to make a decision in relation to GGG’s application however GGG stated the government hasn’t mentioned any outstanding statutory steps in the application process which forms part of the Standard Terms of the Exploration Licence.
“The company does not consider that it is open to the Greenland Government to
unilaterally cease performing its role in the completion of these statutory steps and then determine [our] application on the basis of a body of information that is incomplete, including due to the Greenland Government’s own inaction,” GGG told the market today.
GGG is now assessing the government’s notification and intends to write to the government to ‘formally protest the approach’ outlined in the notification and press release.
On the market, GGG shares were in the grey and trading at 6.8 cents per share 1:23 pm AEST.