Greenland Strips Chinese Mining Firm of License for Iron Ore Deposit
The license was withdrawn because of inactivity at the site and a failure to make the agreed guarantee payments, the government said.
According to Reuters, Greenland has stripped a Chinese mining company of its license to an iron ore deposit near the capital Nuuk. General Nice, a Chinese coal and iron ore importer, took control of the Isua mine project in 2015, replacing previous owner London Mining, which went bankrupt. It was the first Chinese firm to have the right to exploit minerals in Greenland.
The license was withdrawn because of inactivity at the site, the government said in a statement. The license be offered to new interested companies once it has formally been handed back. The company also failed to make the agreed guarantee payments, the statement said.
The government requested that all geological data is returned, remaining payments of 1.5 million Danish crowns are deposited, and the mining area is cleaned up. London Mining, which obtained the exploitation license in 2013, had initially planned to hire some 2,000 Chinese workers to construct the project and aimed to supply China with around 15 million metric tonnes of iron ore a year. However, it failed to secure sufficient financing.
Greenland’s government has said it supports environmentally responsible mining. This year it banned uranium mining, effectively halting development of the Kuannersuit mine, one of the world’s biggest rare earth deposits, which is partly-owned by a Chinese company.
General Nice also attempted in 2016 to buy an abandoned naval station in Greenland from Denmark, but Copenhagen vetoed the offer because of security concerns, sources told Reuters at the time. In 2018, Greenland rejected an offer from a Chinese state bank and a state-owned construction company to finance and build two airports in Greenland.
- Kyrgyz state seized control of the lucrative Kumtor mine from the Canadian firm Centerra Gold
- The miner focused its exploration and development efforts in the European country
- European Lithium welcomes Austrian mining minister’s call
- Mawson Gold has received key planning and regulatory decisions
- Greenland Strips Chinese Mining Firm of License for Iron Ore Deposit
- How valuable is Kosovo’s mineral wealth?
- Jadar Lithium in Serbia gets four exploration licenses
- Romania Baia Mare Cyanide Spill by Esmeralda Exploration Australia
- Protest against Rio Tinto’s lithium mine in Serbia
- How much has Rio Tinto invested in Serbia so far and why is it “pumping” costs
- JOGMEC & Mundoro Extends Drill Program on its Serbia based copper-gold porphyry Borsko Jezero project
- Serbia: deposits of gold and copper
- Rio Tinto is ecological catastrophe for Serbian citizens
- Armenia’s unprocessed copper is the leading export
- Portugal Montalegre lithium mining project to end