- Greenland Minerals (GGG) was reassuring investors this morning after a recent spill in the Greenland Government left the ruling coalition in the lurch
- In a surprise move last week, the nation’s Democrat Party severed ties with the ruling coalition, leaving the Siumut and Nunatta Qitornai Parties to rule as a minority government in the interim
- Despite the political shake-up, GGG maintains that the status of its Kvanefjeld Rare Earth Project, which is currently under public review in Greenland, remains unchanged
- The project’s consultation period was extended earlier this month to work around a snap COVID-19 border lockdown and allow Greenland’s local elections to finish
- Greenland Minerals is 3.13 per cent up to 16 cents each
Greenland Minerals (GGG) was reassuring investors this morning after a recent spill in the Greenland Government left the ruling coalition in the lurch.
In a surprise move last week, the nation’s Democrat Party severed ties the ruling coalition, leaving the Siumut and Nunatta Qitornai Parties to rule as a minority government in the interim.
This had investors concerned about the fate of Greenland Mineral’s Kvanefjeld Project in the country’s south. After a series of development hiccups, the rare-earths project is currently in its public consultation phase.
Despite the political shake-up, however, GGG maintains that the status of its project remains unchanged.
The project’s consultation period was extended earlier this month to work around a snap COVID-19 border lockdown in the region and allow Greenland’s local elections to finish. The public consideration period now elapses in early June to give any incoming elected officials an opportunity to weigh in on the project before the go-ahead is given.
The delay, coupled with the recent political turmoil, have not helped investor confidence and have contributed to a substantial downturn in GGG shares over the last three weeks. Since late January, GGG shares are down more than 50 per cent, wiping off more than six months of gains.
However, today’s reassurance appears to have buoyed investor hopes slightly, with GGG shares up 3.13 per cent to 16 cents at 11:19 am AEDT.
