Greenland’s parliament has handed a invoice to ban uranium mining and exploration within the Danish territory, successfully blocking the event of the huge Kvanefjeld uncommon earths undertaking, one of many world’s greatest.
The undertaking was being developed by Australia’s Greenland Minerals (ASX: GGG). It was granted preliminary approval in 2020 and was on monitor to realize the earlier authorities’s ultimate endorsement.
Whereas the miner hasn’t issued a press release on the matter, its shares had been positioned in buying and selling halt on Wednesday, pending “the discharge of an announcement.” Buying and selling will stay suspended till Friday morning or the publication of the corporate’s assertion,” it stated in a notice to the Australian Stock Exchange.
The choice to ban uranium mining and exploration follows via on a marketing campaign promise from the ruling left-wing social gathering elected in April, which had publicly said its intention to dam Kvanefjeld’s improvement, because of the presence of the silvery-gray, radioactive metallic as a by-product.
The regulation, handed by parliament late on November 9, strains up with the brand new coalition authorities’s technique to focus efforts on selling Greenland as environmentally accountable.
It bans exploration of deposits with a uranium focus greater than 100 elements per minute (ppm), which is taken into account very low-grade by the World Nuclear Affiliation.
The brand new regulation additionally contains the choice of prohibiting exploration of different radioactive minerals, resembling thorium.
Greenland, an enormous autonomous Arctic territory that belongs to Denmark, bases its financial system on fishing and subsidies from the Danish authorities.
On account of melting ice within the poles, miners have turn into more and more within the mineral-rich island, which has turn into a sizzling prospect for miners. They’re in search of something from copper and titanium to platinum and uncommon earths, that are wanted for electrical automobile motors and the so-called inexperienced revolution.
Greenland is at the moment dwelling to 2 mines: one for anorthosite, whose deposits comprise titanium, and one for rubies and pink sapphires.
Earlier than the April election, the island had issued a number of exploration and mining licenses in a bid to diversify its financial system and ultimately understand its long-term purpose of independence from Denmark.
The U.S. authorities just lately prolonged an financial help bundle to Greenland as a part of the Joe Biden administration’s efforts to make sure the provision of important minerals, particularly rare earths, from exterior China.
China accounts for nearly 80% of the worldwide mined provide of the weather utilized in all the things from hi-tech electronics to army tools.