Sign up Australia
Proactive Investors - Run By Investors For Investors

Greenland Minerals and Energy gains Asian and Australian institutional investors

A key advantage to Kvanefjeld is the unique rare earth and uranium-bearing minerals.
Greenland Minerals and Energy gains Asian and Australian institutional investors
Dr John Mair, managing director for GMEL

Greenland Minerals and Energy Ltd (ASX:GGG) (GMEL) has outlined that Global X Uranium ETF has completed a block trade sale of 80 million shares to Asian and Australian institutional investors at 7.5 cents per share.

Shares in the company last traded at 8.4 cents.

Prior to the sell down Global X had been the second largest shareholder in the company with 98.1 million shares.

GMEL remains focused on the wholly-owned Kvanefjeld Project, located near the southern tip of Greenland near existing infrastructure, including an international airport, and has year-round direct shipping access to the project area.

Kvanefjeld is underpinned by a JORC Resource of >1 billion tonnes, and an ore reserve estimate of 108 million tonnes to sustain an initial 37-year mine life.

It is projected to be one of the largest producers globally of key magnet metals including neodymium, praseodymium, dysprosium and terbium, along with by-production of uranium and zinc. 

Reason for the block trade

Global X is an index fund that has been weighted to the Solactive Global Uranium Total Return Index.

Earlier this year Solactive announced that as at 31 July 2018 the Global Uranium Total Return Index would be replaced with the Global Uranium & Nuclear Components Total Return Index.

The new index will significantly reduce weighting on uranium mining and development companies and will instead include companies operating in the broader nuclear fuel cycle and technologies industry.

Dr John Mair, managing director for GMEL, commented: "Global X’s recent underlying index changes had created a significant market overhang for GMEL.

"We are therefore extremely pleased that a block trade sale has been successfully completed by Global X to Asian and Australian institutional investors.

"This change to the share registry comes at an important time for GMEL as we advance through permitting and continue working with major shareholder Shenghe in preparing Kvanefjeld for the development pipeline."

A new name

GMEL is currently undertaking a process to shorten its name to Greenland Minerals Ltd.

READ: Greenland Minerals shareholders vote in favour of name change

View full GGG profile View Profile

Greenland Minerals Ltd Timeline

Related Articles

April 26 2018
As well as commercialising well technology, Highlands also produces from its own operations.
August 07 2018
Currently it owns 100% positions in two southern Italian licences, but Aitken says reducing its interest in either or both would allow the group to broaden its reach
oil and gas operations
April 18 2018
Falcon's shale project is now clear to advance now that a ban on fracking has been lifted in Australia's Northern Territory.

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