Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Greenland has rejected Energy Transition Minerals Ltd’s alternate exploration licence proposal for its Kvanefjeld project in a draft decision, the Australia-based miner said on Thursday.
Energy Transition last December put forth the alternate proposal to exploit only rare earth elements, zinc and fluorspar at the Kvanefjeld project, while removing uranium as an impurity and storing it in a tailings facility.
Formerly Greenland Minerals, Energy Transition has been fighting for an exploration licence since late 2021, when the newly elected Greenland government blocked the project development, passing a new law effectively banning uranium prospecting, exploration and exploitation.
The miner, currently tied up in a legal process with the Greenland government over its decision to reject the original exploration licence, claimed the draft decision did not consider the merits of its alternate proposal.
“The company is disappointed the Government of Greenland has made a draft decision to reject this alternative development proposal and strongly disagrees with the government’s conclusions,” Energy Transition said in a statement.
Energy Transition has been given a two-week period to comment on the draft decision. It is seeking an extension, calling the time “manifestly insufficient” to respond.
Shares of the explorer were flat, as of 0258 GMT, after rising as much as 6.0% earlier in the day.
(By Sameer Manekar; Editing by Subhranshu Sahu)
Comments