Greenland Minerals and Energy is focused on the exploration and development of mineral resources in south Greenland. The company has been working on delivering a world class production center for specialty metals there since 2007. The Kvanefjeld site on Greenland’s southwest tip, part of the Ilimaussaq intrusive complex, is owned by the company. Having a substantial evaluation history, the site is considered by many to hold the world’s second largest deposit of rare earth oxides, in addition to containing substantial resources of uranium and zinc.
Greenland itself is highly prospective, but largely underexplored. Though it has a small population, just over 50,000 permanent residents, it is autonomous, maintaining only limited ties to Denmark, and is increasingly mining friendly. In 2009, Greenland assumed self-determination with responsibility for self-government, an important step that sees Greenland assume 100% control of its natural resources, which had formerly been shared with Denmark.
Greenland is governed as a democracy by the Greenland Self Rule Government, and is recognized as an OECD member. The government there recognizes that the responsible development of mineral resources is critical to the future economy of Greenland. Greenland is looking to mineral and hydrocarbon resources to replace the waning fishing industry in the years to come. In addition, the Danish government is looking to reduce its financial subsidy of Greenland, and the development of resource projects provides the best path.
Kvanefjeld is today recognized as one of the most substantial mineral resources of its kind globally. With the recent discovery of three satellite deposits, the overall resource base of the northern Ilimaussaq complex will continue to grow for many years. In short, Greenland Minerals and Energy is now firmly placed to become one of the world’s largest and most cost-effective producers of specialty metals.
For additional information on the case, visit www.GGG.gl
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