Greenland halts trading as Kvanefjeld future questioned
PERTH (miningweekly.com) – ASX-listed Greenland Minerals went into a trading halt on Thursday after reports emerged that its Kvanefjeld rare earths project would be halted.
Reuters earlier reported that the leader of the Inuit Ataqatigiit party, which won a snap election earlier this week, had told State broadcaster DR that the project would be halted.
The miner in February announced plans to extend the consultation period for its proposed rare earths project until June 1, as logistical constraints brought on by the Covid-19 pandemic had created increased logistical challenges in holding public meetings and information forums, while the government has also closed its borders between February 1 and February 28, imposing further limitations for specialist advisers and independent experts to participate in the consultation.
The company at the time also warned that looming municipal elections could affect the consultation process.
The Kvanefjeld project is expected to cost some $505-million to develop and is expected to produce 32 000 t/y of rare earth oxide over an initial mine life of 37 years, based on a 108-million-tonne ore reserve.
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