Greenland Mnerals & Energy Attains Approval To Evaluate Uranium At Kvanefjeld

Published on Tuesday December 14 2010

In a major step forward the government of Greenland has granted Greenland Minerals approval to fully evaluate its Kvanefjeld multi element project, inclusive of uranium which has long been an issue to overcome.

The project is a major rare earth and uranium deposit, however government policy on uranium mining has long been a roadblock towards development. Management has been steadily progressing this to take the project forwards.

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 includes 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 REEs.

GMEL is the first company in Greenland to receive permitting for the evaluation of a project that includes Uranium. The 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 feasibility study, including the environmental
and social impact assessments the Company will lodge an application for an exploitation license with the BMP.

A definitive feasibility study is to be completed including environmental and social impact assessments that will lead to the company lodging and application for an exploitation license. A pre-feasibility study is to be completed next year before moving to DFS in the latter half of the year. 

Today's ASX Announcement

Approval To Evaluate Uranium At Kvanefjeld

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Global X Uranium ETF Fund Holdings Overview

 

New York-based ETF provider, Global X Funds, has added Uranium ETF to its cleantech fund range. The Global X Uranium ETF tracks the performance of the Solactive Global Uranium Index.

The index tracks the performance of the largest and most liquid listed companies globally in the Uranium Mining Industry. Its three largest components are Cameco, Paladin Energy and 

Uranium One, as of Nov. 1, 2010. 

Global X Uranium ETF (URA) began trading November 5, 2010 as the first ETF to track companies involved in uranium mining. Listed below are the 23 listed Uranium plays that make up this newly listed Uranium ETF.
 

(Complete list of 23 holdings).

% of Net                        Company  Name

Assets

	18.10%	CAMECO CORPORATION
	13.44%	URANIUM ONE INC
	11.91%	PALADIN RESOURCES LIMITED
	4.95%	EXTRACT RESOURCES LTD
	4.94%	DENISON MINES CORP
	4.52%	URANIUM ENERGY CORP
	4.49%	KALAHARI MINERALS PLC
	3.92%	HATHOR EXPLORATION LTD
	3.86%	USEC INCORPORATED
	3.69%	ENERGY RESOURCES OF AUST
	3.01%	URANERZ ENERGY CORP
	2.84%	FIRST URANIUM CORP - CAD
	2.81%	FORSYS METALS CORP
	2.31%	MANTRA RESOURCES LTD
	2.24%	URANIUM RESOURCES INC
	2.22%	UEX CORP
	2.19%	GREENLAND MINERALS LTD
	1.98%	MEGA URANIUM LTD
	1.66%	BERKELEY RESOURCES LTD
	1.58%	BANNERMAN RESOURCES LTD
	1.17%	DEEP YELLOW LTD
	1.14%	LARAMIDE RESOURCES
	0.99%	TORO ENERGY LTD

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Greenland Eases Uranium-Mining Ban, Gives Opprtunity For ASX Listed Greenland Minerals & Energy Ltd.

Published on Friday Sept 10 2010.

"Greenland's government Thursday partially changed a decades-old ban on uranium mining in one of its most significant acts since gaining limited autonomy from Denmark a year ago.

The move could open the icebound and sparsely populated country to exploration for uranium and rare earths and gives a nod to an Australian mining company to develop a mine plan for what the company says is the world's biggest undeveloped deposit of rare earths.

Months of intense debate within the country and negotiations with mining companies preceded the decision as the government sought to balance environmental concerns with the need for revenue to wean Greenland off Danish aid, a necessary step towards achieving full independence.

In its decision, Greenland's government amended the terms of its exploration licensing to allow for the exploration of radioactive elements such as uranium and thorium on a case-by-case basis, said Lars Emil Johansen, a former prime minister of Greenland who is chairman of Australian mining company Greenland Minerals & Energy Ltd.'s (GGG.AU) local subsidiary.

"We just got the information that the government has made a decision to change the uranium mining policy," he said. "It's not permission to start mining, but it is permission to make studies for mines with uranium. It's a very big step forward for the company."

Government officials were unavailable for comment. A press release in Greenlandic has been issued. The amendment is a reversal to the zero-tolerance policy that was instituted in the 1980s. The government is still conducting a full review of mining radioactive elements, which is expected to produce a broader decision on mining.
The ban's removal brings immediate benefits to Greenland Minerals & Energy, which owns 61% of the uranium-rare earth deposit Kvanefjeld in southwest Greenland.

Under the ban, the company was unable to develop and mine the rare earths deposit because of its uranium content.

But concurrent with Thursday's decision, Greenland's government approved an updated exploration license for Greenland Minerals that will allow it to develop a mine plan for both rare earths and uranium at the Kvanefjeld deposit. The company will still need to obtain a license to mine the deposit after developing a mine plan.
The Australian mining company said Kvanefjeld is the world's second-largest rare earths deposit and the sixth-largest uranium deposit. A pre-feasibility study estimates the mine can produce 43,729 metric tons of rare earths oxides and 3,895 tons of uranium a year during a 23-year lifespan.

Rare earths are a small group of metals that are almost all produced in China. Their increasing use in green technologies and military applications combined with China's monopoly of supply have prompted the European Union and the U.S. to declare them strategic metals.

If the company satisfies the government's health, safety and environmental requirements after a feasibility study, an exploitation license can be issued to build a mine, said Greenland Minerals & Energy Managing Director Rod Mcillree.
The Kvanefjeld deposit has enough uranium alone to pay for the cost of the mine, with all revenue from rare earths marked as profit. The company said it would be the biggest rare earths mine outside of China.

Mcillree said the decision allows it to start a feasibility study in 2011 to develop a mine plan. Greenland Minerals & Energy's shares have been suspended from trading since Aug. 3 pending the talks with the government. Greenland's decision to open the country to uranium mining comes at the start of an exploration boom for minerals, oil and gas that has raised the hopes of resource companies but has sparked environmental concerns for Greenland's fragile Arctic ecosystem".

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