Greenland Minerals Ltd (ASX:GGG) has been as much as 34% higher on reaching an important milestone in the permitting progress for its Kvanefjeld Rare Earth Project, with the Environmental Impact Assessment (EIA) accepted for public consultation.
Greenland’s Environmental Agency for Mineral Resource Activities (EAMRA) has advised the company that the independent scientific reviews of the Kvanefjeld EIA and supporting studies have concluded.
Shares have risen up to 33.5 cents this morning, more than 34% higher than yesterday's close and a new seven-year high.
GML managing director Dr John Mair said: “The completion of the independent technical EIA reviews and confirmation that the Kvanefjeld EIA meets Greenland guidelines is a major project milestone.
“The EIA process has been thorough, in‐depth and comprehensive in order to provide a high degree of stakeholder confidence in the Kvanefjeld Project.
“We will be engaging Greenland’s Ministry for Mineral Resources to start planning for public consultation and all outstanding matters that relate to permitting and look forward to providing further updates.”
Progressing towards project permitting
Independent scientific reviews of the Kvanefjeld EIA were conducted by the Danish Centre for Environment with assistance from the Greenland Institute of Natural Resources.
Greenlandic and Danish versions of the EIA report are required for the EIA acceptance to be formalised and translations are expected to be completed in October.
The Ministry of Mineral Resources then tables the necessary reporting documentation (Environmental and Social Impact Assessments, Maritime Safety Study) that constitutes an exploitation licence application and a public consultation phase will be scheduled.
With the EIA technical review‐revision phase concluded, the company looks forward to updating on the timing of a public consultation phase and subsequent steps to complete project permitting.
“Optimal development window”
The company is confident that Kvanefjeld is well‐placed and well-timed to meet the major surge in rare earth demand that will be generated by the transition to electric vehicles, along with growth in renewable energy.
Dr Mair said: “Kvanefjeld represents an important mining project for Greenland with the potential to be a globally significant, multi‐decade producer of magnet rare earths that are critical to the electrification of transport systems and a clean energy future.
“The outlook for the rare earth sector continues to strengthen with substantial new supply needed through the coming decade, creating an optimal development window.”