The delegation visit to southern Greenland was headed by Greenland’s premier Kim Kielsen, and included director general Amano, and the Danish ambassador to Austria.
The delegation visited the company’s flagship 100% owned Kvanefjeld Project located in Greenland.
Over the last three years the governments of Greenland and Denmark, in association with IAEA, have worked to establish a legal and regulatory framework for the production and export of uranium from Greenland.
These work programs concluded in 2016, at which point director general Amano was invited to visit Greenland by the respective governments.
Greenland Minerals' vision is to develop a stable, long-term source of materials for clean energy generation and energy efficient technologies.
Kvanefjeld is one of the world's most advanced rare earth and uranium projects with defined JORC compliant resources of over 1 billion tonnes containing 11.1 million tonnes of rare earth oxide and 593 million pounds of uranium.
As per the updated feasibility study, the net present value of the project is US$1.59 billion and the internal rate of return is 43.4%.
Project financing costs are US$831.9 million and the project has a payback period of 5 years.
Greenland Minerals recently commenced the technical cooperative program with its strategic partner and 12.5% shareholder, Shenghe Resources Holding Co Ltd (SHA:600392).
This strategic relationship with Shenghe represents a major landmark for Greenland Minerals and the development of its flagship Kvanefjeld rare earths and uranium project.
The fundamental objective of both parties is to develop the Kvanefjeld rare earth and uranium project in Greenland as a cornerstone to new supply networks.
The relationship with A$2+ billion market cap Shenge is significant given its expertise in mining, beneficiation, metallurgy, separation and downstream processing and marketing.
This significance has been captured by a re-rating in the share price, now trading up over 45% year to date at $0.102.
Greenland Minerals recently made another step forward in progressing its mining licence application for its flagship Kvanefjeld Project in Greenland.
The services of consulting company Shared Resources were engaged to assist in finalising required environmental and social impact assessments.
The next step of this process involves the social impact assessment (SIA) and environmental impact assessment (EIA) being accepted by the Greenland government.
After this is complete, the next phase of the process will be a period of public consultation.
In parallel to project permitting, Greenland Minerals is working with strategic partner Shenghe to optimise Kvanefjeld and improve its cost‐structure.
Following meetings in China in February and the establishment of a joint technical committee, work programs have been planned and implemented.
Results of the technical review together with progress on permitting at Kvanefjeld have the potential to act as short term share price catalysts.