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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. 

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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.

Quick facts: Greenland Minerals Ltd

Price: 0.28 AUD

Market: ASX
Market Cap: $335.27 m

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