Exploration licence granted for Kvanefjeld
PERTH (miningweekly.com) – ASX-listed Energy Transition Minerals has been granted a three-year renewal of the exploration licence covering its Kvanefjeld rare earth element project, in Greenland.
Greenland’s Mineral License and Safety Authority has confirmed that the Act banning uranium prospecting, exploration and exploitation did not apply to the renewal of the Kvanefjedl exploration licence.
Energy Transition Minerals was placed in a difficult situation in 2021 with the passing of the Act, which made the development of its Kvanefjeld project more costly. The company had previously said that while uranium was not of great economic significance to the Kvanefjeld project, the revenues generated by the uranium and other by-products would serve to reduce the rare earth production costs.
The company was told that it would need to apply for an exploitation licence for the project, and that the Act would apply.
The company turned to an arbitration process through its subsidiary Greenland Minerals to determine whether the Act should apply to the project.
Energy Transition Minerals on Thursday also told shareholders that the company’s preparation for a statement of claim to the Arbitration Panel, was now well advanced, with a meeting date of July 19 set. The company’s preparation included detailed legal arguments, witness statements and other evidence supporting the claims as well as independent expert reports. The independent expert reports are being prepared specifically for the purpose of forming part of the company’s Statement of Claim.
The company is hoping to still obtain an exploitation licence for the Kvanefjeld project.
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