Greenland Minerals and Energy (ASX: GGG) has been advised notice from the Bureau of Mines and Petroleum in Greenland, that the company’s application for an Exploration License under the new Greenlandic Mining Act (implemented 1st January 2010) has been approved.
This is a new license, which covers the world class Kvanefjeld multi-element project in southern Greenland, was the second in the new license series to be issued by the new self governing parliament.
It is numbered 2010/02, and has an expiration date of December 31st 2014. Applications under the new regulations require the BMP to issue a recommendation to the Greenlandic Government, who then approve the license.
The company completed a week of meetings in Greenland prior to the licensing process and believes the approval is "a clear signal the government of Greenland is committed to resolving the Zero Tolerance issue in a way that is suitable to both Greenland stakeholders and the company."
Further, it believes the current zero tolerance towards uranium mining and exploration could be resolved during November 2010.
GGG has engaged in an active stakeholder consultation engagement programme that includes dialogue with the Prime Minister of Greenland, Mr Kuupik Kleist, The Minister for Commerce and Raw Materials Mr. Ove Karl Berthelsen, the Deputy Minister of Mines, Mr Jørn Skov Nielsen and the Head of the SIK labour union Mr Jess G. Berthelsen.
Based on these meetings and granting of license 2010/02 over the project area the Company has decided to accelerate the 2010 work program which will include, amongst other things, environmental and social impact assessments to ensure that Kvanefjeld’s JORC compliant 4.79 Mt Rare earth Oxide and 0.12 Mt Uranium Oxide project, by the end of 2010, is in a position to initiate the full Bankable Feasibility Study
A 2010 work program will be announced in due course.
Disclosure: The author holds no positions in the company