Drilling the Kvanefjeld project (Company)

Drilling the Kvanefjeld project (Company)

According to Bloomberg, Greenland is set to lift a uranium mining moratorium which has been in place for 25 years.  Greenland is thought to be extremely rich in rare earth and uranium minerals which could spark a uranium mining rush to the arctic island.  Denmark has backed Greenland’s plans to expand the development of its natural resources to include uranium.   Greenland is self-governing but is part of the Kingdom of Denmark.

Yesterday Greenland awarded London Mining Plc (LOND:LSX) the right to build $2.6 billion Isua iron ore mine there.  Isua is set to produce 15Mt of premium blast furnace pellet feed per year over an initial 10 year mine-life.  Another Australian miner, Greenland Minerals and Energy Ltd (GGG:ASX) is working to develop a uranium and rare earth mine in Southern Greenland.  According to GGG’s website, the Kvanefjeld project hosts 350Mlbs of U308 and 3Blbs of zinc.

“Concrete steps to mining and exporting uranium will have potentially far-reaching consequences for foreign, defense and security policies,” Danish Minister of Trade and European Affairs Nick Haekkerup said in a statement published on the Foreign Ministry’s website.

Read: Greenland End to 25-Year Uranium Mining Ban Gets Danish Backing