Greenland has informed Energy Transition Minerals of a potential rejection of its exploration licence renewal application for the Kvanefjeld rare earths project, the Australian miner said on Tuesday.<\/p>\n
Shares of Energy Transition Minerals fell 5.6% to A$0.051 by 01:52 GMT as trading resumed after a halt on Thursday. The broader S&P\/ASX 200 benchmark index was up 1.5%.<\/p>\n
Kvanefjeld is a large-scale rare earths project with the potential to become a significant western world producer of critical minerals used in manufacture of consumer electronics.<\/p>\n
Energy Transition Minerals said it had received a draft decision from the Greenland government indicating that the mineral resources ministry intended to recommend that the application be declined.<\/p>\n
Greenland stated that the company\u2019s exploration activities were \u201cno longer considered to serve a purpose\u201d and that a licence could not be granted under the current legislative framework, the company said in a statement.<\/p>\n
The company noted the decision stemmed from a December 2021 law \u2013 the 2021 Uranium Act \u2013 that would effectively ban uranium prospecting, exploration and exploitation.<\/p>\n
In 2023, Energy Transition Minerals filed a statement of claims with an arbitration tribunal in Copenhagen to decide on unit Greenland Minerals A\/S\u2019 legal right to be granted an exploitation licence for the project in relation to this law.<\/p>\n
Greenland had previously granted licence renewals for the project, including during the course of active legal dispute and after the introduction of the 2021 Uranium Act, the company said, calling the draft position \u201cinconsistent\u201d with the historical treatment of the project.<\/p>\n
(By Sherin Sunny; Editing by Sumana Nandy and Subhranshu Sahu)<\/p>\n
Disclaimer:\u00a0The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and\/ or damages arising from the use of this publication.<\/p>\n","protected":false},"excerpt":{"rendered":"Greenland has informed Energy Transition Minerals of a potential rejection of its exploration licence renewal application for the…\n","protected":false},"author":2,"featured_media":57206,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5],"tags":[31602,8303,31597,18131,31595,31600,31596,8308,17754,3395,19182,57,31601,2525,31590,31603,26281,31604,31594,19157,31591,19183,31592,1158,31593,2035,3092,2238,31599,31598],"class_list":["post-57205","post","type-post","status-publish","format-standard","has-post-thumbnail","category-greenland","tag-bank-forecasts","tag-bitcoin-news","tag-central-banks","tag-charts","tag-crypto-news","tag-currency","tag-economic-reports","tag-ethereum-news","tag-forecasts","tag-global-economy","tag-gold","tag-greenland","tag-international-policy","tag-interviews","tag-kitco-news","tag-market-nugget","tag-metals","tag-mining-minutes","tag-mining-news","tag-palladium","tag-pgm","tag-platinum","tag-platinum-group-metals","tag-politics","tag-precious-metals","tag-rare-earth-metals","tag-roundups","tag-silver","tag-tech-metals","tag-us-dollar"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@dk\/116367474420568916","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts\/57205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/comments?post=57205"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/posts\/57205\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/media\/57206"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/media?parent=57205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/categories?post=57205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/dk\/wp-json\/wp\/v2\/tags?post=57205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}