Greenland Minerals Ltd (ASX:GGG) (OTCMKTS:GDLNF) (FRA:G7P) has confirmed that the status of the Kvanefjeld Project remains unchanged with the public consultation process initiated by the Greenland Government extended until June 1, 2021.
The company continues to actively engage a broad cross-section of both government and community stakeholders in Greenland.
To date, the company has systematically and effectively advanced the Kvanefjeld Project under all successive governments since the commencement of operations in Greenland in 2007.
Political developments
Greenland Minerals noted that it was aware of the recent political developments in Greenland and is staying informed.
There has been a change to the current coalition government in Greenland with the Democrat party, a minority coalition member, recently withdrawing from the governing coalition, leaving the Siumut and Nunatta Qitornai parties as a minority government.
The company will keep the market informed in the event of any material project developments.
Public consultation update
A series of official public meetings for the Kvanefjeld Project was held in three major towns - Narsarsuaq, Qaqortoq, and Narsaq - in southern Greenland between February 5 to 9, 2021.
The meetings were managed by the Greenland Government's administration and were attended by representatives of the Ministry for Mineral Resources, the Environmental Agency for Mineral Resource Activities (EAMRA), a representative of the Danish Centre for Environment (DCE ‐ independent advisor to the Greenland Government), and representatives from Greenland Minerals.
The meetings represent an important part of the stakeholder engagement process to discuss and explain the outcomes of the environmental and social impact assessments (EIA, SIA).
Importantly, no issues were raised that have not been thoroughly addressed in the impact assessments.
Company representatives are planning for further meetings in the coming weeks to continue the engagement process.
Kvanefjeld Project
The Kvanefjeld Rare Earth Project is one of the most significant and advanced emerging rare earth projects globally.
It is a world‐class development opportunity for Greenland to become an internationally significant supplier of materials that are critical to the green industrial revolution that is rapidly gaining momentum.
The project is unique with respect to its favourable metallurgy and forecast production profile across all commercially important rare earths.
Kvanefjeld is near existing infrastructure in southern Greenland, with year‐round direct shipping access to the project area.
Globally significant producer
Rare earth elements are critical to the electric vehicle revolution, as well as many other energy-efficient applications.
The Kvanefjeld project is forecast to be a globally significant producer of all commercially important rare earth elements including neodymium, praseodymium, terbium and dysprosium, over an initial 37‐year mine life.
These rare earths are used to make high powered permanent magnets that are utilised in electric vehicles, along with many other applications.
Kvanefjeld is well‐placed to meet the major surge in rare earth demand that will be generated by the transition to electric vehicles, along with growth in renewable energy.