Greenland has taken a major step in opening up its mining industry. The country’s parliament voted on October 24 to end a decades-long ban on mining for radioactive materials. The decision clears the way for uranium and rare earths mining.
“We cannot live with unemployment and cost of living increases while our economy is at a standstill. It is therefore necessary that we eliminate zero tolerance towards uranium now,” Greenland Prime Minister Aleqa Hammond said according to Reuters.
Some major REE deposits had been off limits because they are connected to radioactive materials.
Lawmakers passed the decision 15 to 14 votes.
With the restrictions lifted, China might have something to worry about. The Asian giant currently produces 95% of the world’s REE supply. Greenland is believed to have enough of these metals to satisfy one-quarter of global demand over the next 50 years.
One company in particular stands to benefit. Greenland Minerals and Energy, an Australian company, has both uranium and REE projects in the country.
Reprinted by permission of MINING.com