Whereas the miner hasn’t issued an announcement on the matter, its shares had been positioned on a 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 mentioned in a notice to the Australian Stock Exchange.
The choice to ban uranium mining and exploration follows by way of on a marketing campaign promise from the ruling left-wing get together elected in April, which had publicly acknowledged its intention to dam Kvanefjeld’s growth, as a result of presence of the silvery-gray, radioactive steel as a by-product.
The regulation, handed by parliament late on Tuesday, 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 increased than 100 elements per million (ppm), which is taken into account very low-grade by the World Nuclear Affiliation.
The brand new regulation additionally consists of the choice of prohibiting exploration of different radioactive minerals, equivalent to thorium.
Greenland, an unlimited autonomous arctic territory that belongs to Denmark, bases its financial system on fishing and subsidies from the Danish authorities.
Because of melting ice within the poles, miners have turn out to be more and more within the mineral-rich island, which has turn out to be a scorching prospect for miners. They’re searching for 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 presently residence 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 US authorities not too long ago prolonged an financial help package deal to Greenland as a part of the Joe Biden administration’s efforts to make sure the availability of crucial minerals, particularly rare earths, from outdoors China.
China accounts for nearly 80% of the worldwide mined provide of the weather utilized in all the pieces from hi-tech electronics to army gear.