Greenland Minerals and Energy's (ASX: GGG) flagship project is Kvanefjeld, a multi-element deposit located near the southwest tip of Greenland. Kvanefjeld is rapidly growing into one of the world’s largest undeveloped deposits of rare earth elements, uranium and naturally occurring sodium fluoride.
Greenland Minerals and Energy's (ASX: GGG) shares are currently in pre-open, following the ASX granting the company a trading halt.
The company requested the halt as it finalises an announcement regarding uranium policy developments in the Greenland Parliament.
Greenland's parliament voted on Thursday to end a decades-long prohibition on mining for radioactive materials like uranium. The move will also allow the mining of rare earths.
This is a game-changer for Greenland Minerals and Energy.
The halt will remain in place until Tuesday 29th October 2013, or earlier if an announcement is made to the market.
Greenland prime minister
"We cannot live with unemployment and cost of living increases while our economy is at a standstill. It is therefore necessary that we eliminate zero tolerance towards uranium now," Greenland Prime Minister Aleqa Hammond was quoted as saying by local newspaper Sermitsiaq during the debate.
Hammond's government won the heated debate by 15-14 votes.