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Greenland backs the Kvanefjeld rare-earth uranium project with a green light to advance.
Greenland backs the Kvanefjeld rare-earth uranium project with a green light to advance.
Greenland Minerals and Energy Ltd ("GMEL" or "the rare earth company”. The permit has been issued in accordance with the recent amendment to the standard terms for exploration licenses in Greenland that creates a framework for the evaluation of mineral deposits that include uranium amongst other economic elements.
West Perth,
West Perth,
Australia
(pr4links.com)
17/12/2010
Greenland Minerals and Energy Ltd ("GMEL" or "the rare earth company”. The permit has been issued in accordance with the recent amendment to the standard terms for exploration licenses in Greenland that creates a framework for the evaluation of mineral deposits that include uranium amongst other economic elements. Kvanefjeld is an unusual mineral deposit located near the southern tip of Greenland that is enriched in rare earth elements (REEs), uranium and zinc, and is widely known to contain one of the world's largest resources of rare earth minerals (REEs) (see Appendix1 for identified mineral resources).
GMEL is the first company in mineral-rich Greenland to receive permitting for the complete evaluation of a mining project that includes uranium amongst other economic minerals. The Company is listed on the Australian Securities Exchange (ASX) and trades under GGG:ASX. The rare earth minerals and uranium evaluation permit has been issued following a hearing process in Greenland that involved the National Environmental Research Institute, the Ministry for Health, the Ministry of Domestic Affairs, Nature and Environment (NNPAN) as well as the South Greenland municipality. The permit is supplementary to the exploration license that covers Kvanefjeld and the broader northern Ilimaussaq complex (license 2010/02).
Critical components of a definitive, or bankable, feasibility study are the Environmental and Social Impact Assessments, which are to follow the guidelines established by Greenland's Bureau of Minerals and Petroleum (BMP). At the completion of the definitive uranium mining feasibility study, including the environmental and social impact assessments the Company will lodge an application for an exploitation license with the BMP.
Roderick McIllree , Managing Director of GMEL, commented, "We are extremely pleased to receive approval under Greenland's newly amended license terms and can now properly evaluate the Kvanefjeld project, inclusive of uranium. Kvanefjeld can now enter the next phase in the path to development and we will be working closely with Greenlandic stakeholders to determine the best possible development scenarios."
In 2011 GMEL is planning on closing out the current pre-feasibility study with a final report before commencing a definitive feasibility study in the latter half of the year. Results from the 2010 exploration program will be finalized and announced in early 2011.
John Mair, general manager of Greenland Minerals and Energy, says: ‘In the last couple of years, the Western world suddenly realized that it is largely addicted to applications that rely on rare earth elements, and that China, the world’s overwhelmingly dominant supplier, is limiting rare earth exports to prioritize its own domestic requirements. This has resulted in an unusual situation of significant long term demand increase coinciding with a radical change in market dynamics to create a large void in the global rare earth element supply.’
Mair summarizes the situation succinctly: ‘Many people are surprised to realize that common rare-earth applications include cell phones, laptop computers, hybrid cars, flat screen display panels, computers, energy efficient lights and wind turbines. But once people recognize that many rare earths are critical in commonplace items in today’s society, they quickly understand why rare earths are suddenly making the headlines.’
Mair’s prediction that the major REE shortages will occur among the scarce heavy rare earths .
John Mair , general manager of business development at Perth-based Greenland Minerals, “It’s only going to take probably five to six significant rare earths-producing mines to fulfill global demand for the next five to 10 years,” said John Mair, whose project in Greenland may start in 2015. “The world doesn’t need 50 new rare earth mines and that is where a bit of a bubble is starting to emerge.”
“Simply put, Kvanefjeld is unique. It will be one of the largest rare earth and uranium resources on the planet, but importantly, the unusual minerals are readily amenable to processing, and that differentiates Kvanefjeld from many other uranium projects.”
Rare Earth Newsletter Writers, Investment Conference Speakers, Jack Lifton, co-founder of Technology Metals Research, John Kaiser, author of the Kaiser Bottom-Fish mining newsletter, and the infamous ‘gold bug’, James Dines of the Dines Letter, have been announcing the coming rise and supply shortages in Rare Earth Minerals (REE). Rare earth supply issues are now discussed by global leaders, financial journalists, and thousands of mining investors who are following the “rare earth mania” closely and investing in junior exploration companies with promising Rare Earth Minerals (REE) deposits
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The new amendment to the standard terms allows the Bureau of Minerals and Petroleum (BMP) to approve that comprehensive feasibility studies can be undertaken on mineral projects that include radioactive elements as exploitable minerals. Within this framework, projects are considered on a caseby-case basis, at the government’s discretion. GMEL lodged an application at 4.00pm Greenland time onthe 9th September under these new regulations and, based on previous discussions, confidently expects its
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