Greenland Minerals and Energy Ltd meets with Premier of Greenland, President of Iceland

May 23, 2016 7:52 PM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Short Only

Contributor Since 2009

Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of listed companies across the globe daily. We are one of the fastest growing financial media portals in the world. The group also operates hugely successful “investor forums” where three or four companies present to an audience of high net sophisticated investors, fund managers, hedge funds, private client brokers and analysts. Ian Mclelland founded Proactiveinvestors in 2006 as a way to channel his own views on companies small and mid-cap public companies. What started as a hobby quickly turned into a full time job as the website's readership exploded. One2One forums were added later in 2006, and within two years the company had expanded its operations into Canada and Australia. In 2009 the company expanded into Germany and finally into the US in 2010. Proactiveinvestors is now one of the fastest growing global financial media organizations in the world receiving more than one million visitors per month, with investor forums held across the globe on a regular basis.

Greenland Minerals and Energy Ltd (ASX:GGG) has participated in the Arctic Circle Greenland Forum at the invitation of the Premier of Greenland and the President of Iceland.

Government support for the company's development of the Kvanefjeld rare earth and uranium project in Greenland will be integral to its development.

Dr John Mair, managing director of Greenland Minerals, participated as both a presenter and panellist in the session that addressed natural resource development in the Arctic.

The Arctic Circle Forum aims to strengthen the international focus on the future of the Arctic.

Greenland has placed a major focus on moving toward a greater emphasis on natural resource development to diversify, grow, and strengthen its economy.

Kvanefjeld is amongst the higher profile mineral resource projects in the Arctic region.

Government support

In recent months, Greenland has made significant advances to its regulatory framework in order to effectively manage the production and export of uranium.

Uranium stands to be a by-product of specialty metal production from Kvanefjeld.

These important developments represent the culmination of work programs conducted by the Greenland and Danish governments over recent years.

Recent feasibility study upgrade

Greenland Minerals recently updated the feasibility study on Kvanefjeld.

The net present value of the project increased from US$1.40 billion to US$1.59 billion and the internal rate of return increased from 21.8% to 43.4%.

Project financing was lowered significantly to US$831.9 million, initially forecast at US$1.36 billion.

The payback period is now 5 years instead of 6.

Next steps

A mining license application for Kvanefjeld was submitted in late 2015 and the major reviews of key components are now advanced.

The company will provide further updates on the permitting schedule.

Greenland Minerals continues to progress with the support infrastructure strategy for the
Kvanefjeld Project.

In early March, the company signed a letter of intent to develop a power concept for the Kvanefjeld Project, based on hydropower.

Other third party infrastructure concepts to reduce capital costs are being sought for a port, accommodation for employees, power supply and supplies of key reagents.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.