Energy Transition Minerals fears that the authorities will not extend their exploration license for Kuannersuit. – If our application for extension is rejected, it will be another violation of our rights, says the company’s director. In the Ministry of Raw Materials, they confirm that the matter is in process, but that nothing has yet been decided.
The Australian company Energy Transition Minerals, which via Greenland Minerals, has an exploration license for Kuannersuit, announced on March 27 a temporary trading halt for their shares.
It happened as a result of a worrying correspondence with the self-government that indicated an uncertainty in relation to whether the company would have their exploration license renewed. This appears from 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 that they are entitled to complete a process towards an extraction license for Kuannersuit, even though their project does not comply with the uranium law from 2021.
The company writes that legal advisers 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
The fact that there should still be uncertainty about the exploration license is behind 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, then 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”.
Looking for a quick clarification
Director Daniel Mamadou states that it is a surprising development, not least in light of the company’s long-term involvement in Greenland and their previous understanding of the license extension process.
– We had prepared to return this season and employ 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
In the Ministry of Raw Materials, they confirm that “a draft has been sent for a decision that ETM will not get the permit extended, which, after a party hearing, must be submitted to the Naalakkersuisut for a final decision.”
The department expects to submit to Naalakkersuisut the overall decision-making basis, including party consultation from Energy Transition Minerals (Greenland Minerals) within a maximum of one month.
