Energy Transition asked to give payment security for Greenland case
Australia's Energy Transition Minerals said on Thursday a Copenhagen arbitration tribunal ordered its unit to give payment security for the Greenland and Denmark governments' legal costs against the rare-earth miner's claims over the Kvanefjeld project.
The Tribunal in an interim decision has ordered the company's unit Greenland Minerals A/S (GMAS) to clarify within a month if Energy Transition will provide an indefinite demand guarantee of 25-million Danish krone ($3.65-million).
The tribunal's order pertains to an application filed by the governments of Greenland and Denmark in March last year, seeking payment security for their legal costs from Energy Transition should the Tribunal rule in their favour.
The Tribunal, however, has also stated that it was "not certain that the claimant will be ordered to pay legal costs, let alone full costs, even if the defendants win the case", Energy Transition said.
"The company has in excess of A$17-million ($11.15-million) in cash reserves and has the capacity to meet the order for security from existing funds, if necessary," Energy Transition's MD Daniel Mamadou said.
Energy Transition, formerly Greenland Minerals, has been fighting for the Kvanefjeld rare earths project licence since late 2021. More than 1 billion metric tons of mineral resources have been identified in the Kvanefjeld project area, with ore estimates of 108 million tonnes.
Comments
Research Reports
Projects
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
