Company says Greenland reviewing it's legislation on controversial mineral

Uranium ban doesn't discourage prospectors


Greenland doesn't allow any uranium mining or prospecting to take place on the island.

Despite this, companies are actively exploring Kvanefjeld in southern Greenland, one the largest undeveloped uranium-rich areas in the world, with an estimated $10 billion worth of uranium.

Greenland Minerals was able to join forces with the Australian uranium company, Prime Minerals, to explore Kvanefjeld for uranium because companies can do so as long as uranium isn't listed as one of the target minerals on their licences. Uranium can be an indicator of the presence of other types of minerals.

But after Prime Minerals mentioned uranium in a company news release on its new exploration licences in the Kvanefjeld area, the Inuit Ataqatigiit Party in Greenland asked for the licences to be revoked.

The Greenland government sent out a statement with a stern reminder about the licences' conditions.

"Right now, Prime Minerals has three exploration permits for southern Greenland. These permits state that they do not apply to uranium or other radioactive substances," it said.

The Prime Minerals news release that provoked the furor did say "it is currently not possible to be granted a mineral licence for the exploration of uranium in Greenland."

But it also suggested that "the laws in Greenland relating to uranium and exploration are currently under review."

And Vincent Hyde, Prime Minerals' executive chairman, said the outlook was generally positive for uranium.

"We have clearly seen a renewed interest in nuclear power as an alternative and clean energy source," Hyde said.

Prime Minerals focuses on identifying overseas uranium deposits for future mining, and that's why Greenland is part of that strategy, Hyde said.

Prime Minerals has another project in Australia where uranium exploration and mining is also not allowed.

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