Sign up Australia
Proactive Investors - Run By Investors For Investors

Greenland Minerals advances Kvanefjeld after inaugural safeguards inspection

A formal inspection was completed at the Kvanefjeld site on August 28.
Uranium on the periodic table
The uranium price continues to improve with a tight supply outlook

Greenland Minerals Ltd (ASX:GGG) has had its Kvanefjeld project site in Greenland formally inspected by the International Atomic Energy Agency (IAEA).

The inspection brings Kvanefjeld into the international non-proliferation system to enable future uranium production and sales.

The objective of the visit was to assure the absence of undeclared nuclear material and activities at the exploration site and the nearby facilities.

The visit is a result of a lot of work by Greenland and Danish governments to have a full regulatory framework in place.

A rare earth project with a large uranium resource

While Kvanefjeld is one of the largest rare earths deposits in the world, it also hosts a large uranium resource inventory of 593 million pounds U3O8.

As it is recovered at low incremental cost, uranium stands to be an import by-product revenue stream for the project. 

READ: Greenland Minerals gets cash injection from option exercise

Greenland’s managing director Dr John Mair said: “This is a very important milestone for the Kvanefjeld Project.

“We are very pleased to have had the opportunity to host the IAEA’s inspectors this week.

“The company is committed to ensuring that Greenland complies with all of its obligations under the terms of its safeguards agreement with the IAEA and it is very gratifying that the IAEA‘s inspectors were able to successfully achieve their objectives this week.

Danish representatives also attended site visit

“We were also pleased that representatives of the Danish Emergency Management Agency were able to join the IAEA in Narsaq for their visit.

“It is important that future uranium production at Kvanefjeld will be undertaken in strict compliance with international non‐proliferation laws enacted by Greenland and Denmark to facilitate the development of Kvanefjeld.”

READ: Greenland Minerals and Energy hosts nuclear delegate

This is yet another step by both the Greenland and Danish governments to advance this project within the global regulatory framework.

In May 2017, Greenland hosted director general of the IAEA, Yukiya Amano and in September 2016 Greenland became a signatory to international nuclear conventions allowing for its participation in the uranium industry.

View full GGG profile View Profile

Greenland Minerals Ltd Timeline

Related Articles

oil and gas operations
May 01 2018
It was a year of portfolio building and progress for the onshore UK-focused minor, punctuated by improved production volumes and a number of acquisitions with value-adding potential
picture of wind turbines
January 11 2018
The construction of more than 600 wind turbines was funded by securing US$1bn of financing during the year.
Paul Welch
August 30 2018
Production since the half year has risen to 4,400 barrels per day

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use