Greenland Minerals seeks consultation with new Greenland Government on Kvanefjeld Project

Greenland Minerals Ltd (ASX:GGG) (OTCMKTS:GDLNF) (FRA:G7P) is seeking to consult with the new coalition government in regard to its Kvanefjeld Rare Earth Project. The company has sought legal advice regarding its rights to continue development of the project after the new government, formed by two political parties, Inuit Ataqatigiit (IA) and Naleraq, publicly stated a political intention to cease the development. This coalition is being formed after the national election on April 6, 2021. GGG said the Kvanefjeld project was based on an exploration licence granted under the Greenland Mineral Resources Act and had been operated by the company in close dialogue with all Greenland governments since commencing operations in 2007.  The company plans to continue its public consultation process for the project and aims to initiate discussions with the new government when in place. Project development to date The company has applied for an exploitation (mining) licence and taken advice from senior Danish legal counsel as to its legal rights in respect of its application.  Following a multi-year investigation process, on December 17, 2020, the former Greenland government approved the Environmental Impact Assessment (EIA) and the Social Impact Assessment (SIA) reports as meeting the requirements for initiating the statutory public consultation process.  This process was determined by the authorities to take place in the period from December 18, 2020, to June 1, 2021.  Best environmental practice The independent scientific review of the EIA and supporting technical studies concluded in 2020, with the EIA assessed to meet the requirements of the EIA Guidelines to commence the statutory public hearing.  Fulfilment of the guidelines means that all aspects of the project are based on international environmental standards and the principles of ‘Best Available Technology’ and ‘Best Environmental Practice’.  Independent scientific reviews of the EIA were conducted by the Danish Centre for Environment with assistance from the Greenland Institute of Natural Resources.  Going forward, the company will keep the market informed of any material developments upon its application for an exploitation licence.  Rare earths and EVs  Kvanefjeld is one of the most significant and advanced emerging rare earth projects globally – critical elements to the electric vehicle revolution and renewable energy. The 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. Notably, the project is near existing infrastructure in southern Greenland with year-round direct shipping access to the project area. 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.