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Released January 27, 2016 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Denmark and Greenland have signed a wide-ranging agreement to regulate the future mining and export of uranium and rare earth materials.
The move marks a key step for Greenland, which only lifted its "zero-tolerance policy" in 2013, which had banned uranium extraction. Southwest Greenland is estimated to have the one of the largest, untapped uranium deposits in the world. The country is also home to large, mostly untapped reserves of oil and gas, gold, diamonds and rubies.
The agreement covers how both countries will cooperate on foreign, defence and security policy issues that are related to the mining and commercial export of uranium from Greenland. It will ensure that Greenland adheres to international best practices.
In 2009, Greenland moved to "self-rule," which included taking full control over its mineral and hydrocarbon rights. However, the country remains part of the Kingdom of Denmark and receives up to $600 million a year from Denmark to help prop up its economy.
Foreign Minister Kristian Jensen told media: "We have had to agree on how we deal with the fact that Greenland has the right to extract uranium, while Denmark is responsible for what happens when it is extracted and has to be exported."
Randi Vestergaard Evaldsen, Greenland's Minister of Industry, Labour and Trade, commented: "Overall the agreements ensure that, if at a later time the extraction of uranium as a by-product is allowed, it can be used solely for peaceful and civilian purposes. It is a matter which has been very carefully prepared in a good and constructive cooperation between Denmark and Greenland and which is based on the joint recommendations of the uranium report from 2013."
Australian exploration group Greenland Minerals and Energy Limited (ASX:GGG) (Perth, Australia) is working with the Greenland authorities to finalise an exploitation licence for its flagship Kvanefjeld project, in southern Greenland. Three key deposits have been identified. With a combined resource estimate of one -billion tonnes, the project is estimated to contain 593 million pounds of uranium, 11 million tonnes of rare-earth oxide and 5.3 billion pounds of zinc. The mine could operate for up to 37 years.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to europe@industrialinfo.eu or visit us online at Industrial Info Europe.
The move marks a key step for Greenland, which only lifted its "zero-tolerance policy" in 2013, which had banned uranium extraction. Southwest Greenland is estimated to have the one of the largest, untapped uranium deposits in the world. The country is also home to large, mostly untapped reserves of oil and gas, gold, diamonds and rubies.
The agreement covers how both countries will cooperate on foreign, defence and security policy issues that are related to the mining and commercial export of uranium from Greenland. It will ensure that Greenland adheres to international best practices.
In 2009, Greenland moved to "self-rule," which included taking full control over its mineral and hydrocarbon rights. However, the country remains part of the Kingdom of Denmark and receives up to $600 million a year from Denmark to help prop up its economy.
Foreign Minister Kristian Jensen told media: "We have had to agree on how we deal with the fact that Greenland has the right to extract uranium, while Denmark is responsible for what happens when it is extracted and has to be exported."
Randi Vestergaard Evaldsen, Greenland's Minister of Industry, Labour and Trade, commented: "Overall the agreements ensure that, if at a later time the extraction of uranium as a by-product is allowed, it can be used solely for peaceful and civilian purposes. It is a matter which has been very carefully prepared in a good and constructive cooperation between Denmark and Greenland and which is based on the joint recommendations of the uranium report from 2013."
Australian exploration group Greenland Minerals and Energy Limited (ASX:GGG) (Perth, Australia) is working with the Greenland authorities to finalise an exploitation licence for its flagship Kvanefjeld project, in southern Greenland. Three key deposits have been identified. With a combined resource estimate of one -billion tonnes, the project is estimated to contain 593 million pounds of uranium, 11 million tonnes of rare-earth oxide and 5.3 billion pounds of zinc. The mine could operate for up to 37 years.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to europe@industrialinfo.eu or visit us online at Industrial Info Europe.
