The Australian company Energy Transition Minerals, which, through Greenland Minerals, holds an exploration license for Kuannersuit, announced a temporary trading halt for its shares on March 27.
This was due to worrying correspondence with the self-government, which indicated uncertainty about whether the company would have its exploration license renewed. This is stated in a current announcement on the company's website.
Has filed a lawsuit against the self-government
The company has had their exploration license extended several times in the past, also after the company filed a lawsuit against the self-government because they believe they are entitled to have a process carried out towards an extraction license for Kuannersuit, even though their project does not comply with the Uranium Act from 2021.
The company writes that legal advisors for the self-government have previously confirmed that the company could expect to have their exploration license extended while the legal dispute was pending.
A violation of our rights
That there should still be uncertainty about the exploration license is a setback for the company, which had planned exploration activities in the area this summer.
The company further writes that if an extension of the exploration license is ultimately rejected by the self-government, it will be another violation of ETM's rights, "and it will only serve to further support the company's legal position regarding the right to an exploitation license for the Kuannersuit project".
Seeking a quick clarification
Director Daniel Mamadou states that this is a surprising development, not least in light of the company's long-standing commitment to Greenland and their previous understanding of the license extension process.
– We had prepared to return this season and hire locals as part of our exploration program. This uncertainty about the exploration license is therefore disappointing. The current situation is worrying, and we are seeking a quick clarification from the Greenlandic authorities. ETM remains committed to the Kuannersuit project and will take all appropriate steps to protect our rights and interests, while continuing to engage constructively.
Confirms draft decision
The Department of Mineral Resources confirms that "a draft decision has been sent stating that ETM will not have its permit extended, which, after a hearing, will be submitted to the Greenland Government for final decision."
The Ministry expects to present the overall decision-making basis, including the party hearing from Energy Transition Minerals (Greenland Minerals), to the Government of Greenland within a maximum of one month.
