ETM - Energy Transition Minerals

[Luciano]

Specifically, here is the post. Must say I was pretty happy to read it.

Post was made mid last week, so if it's correct, and this guy isn't lying through his teeth (and I have absolutely no reason to believe he is), then the RU will be coming out next week.

I just rang the managing director to get their take on this. I was told that they'll be putting out an ann. before tomorrow, however, because many of their directors are all over the world there may be a T/H early 2moro. he also pointed out that IA don't have the majority 31 seats, as i read on the online news and that there has been no change in policy as yet. In fact there was telecast debate in may and the IA party, when quizzed about U mining as a by-product said they would look at it and were open minded on the issue. I asked about the resource upgrade and he said it'll be released in a couple of weeks, they did not want to release it now because they would look desparate (his words). This means they already have it! He also said they look forward to working with whoever is in power, because they do have a massive resource so he thinks common sense will prevail. (i agree). He seemed very confident and i would say excited when he spoke of the RU.

i still like the story and it's not going to be all over like that. they have put together a very astute board, they have a world class resource, they just need the right policy to get at it, and this new fledgling government are definitely not going to dismiss it knowing that their monetary aid from denmark is going to be weened off and although the country does have other resources, there is a negligible amount of mining going on at present and no other co. as forward as GGG to begin paying the state royalties.

good luck all the LT holders

 

[exgeo]

If "they have it" but haven't yet released it, they are breaking listing rule 3.1 aren't they? (continuous disclosure obligation to the ASX). Doesn't sound very astute to me. I hold this stock.

 

[Luciano]

Yes, it wouldn't be astute. I would think that the MD didn't wish to have the contents of his private conversation broadcast all over the net!

Um er, did I do that?

Or perhaps they were still putting some finishing touches to it, and could've rushed it out to counter the political uncertainty of the past week, but decided to wait until they had all their i's dotted and t's crossed.

On the other hand, there could be doubt. But on HC today the dude confirmed the converstion. He said according to the conversation, he expects Friday next or maybe early the week after, coz he thinks MD's are often late or something tongue in cheek like that.

 

[Randoi]

Hi all, can someone give me some good links for up-to-date news from Greenland. Most of what I manage to Google is a few days old and never goes in to much detail about the developing political situation. I even tried to chase up some of the election policies etc... to no avail. I got in a while ago at .23 and jumped last week at .43 but am now reconsidering.... oh the stress of guesswork

 

[Luciano]

Motzfeldt: Self-rule government should first
address raw materials

By Mads Dollerup-Scheibel

The former premier said that management of Greenland's raw
materials was the key to its future success.

Jonathan Motzfeldt danced the night away with the rest of the Siumut Party contingency at Discotheque Heat on Tuesday evening after it was clear Greenland was headed for self-rule.

'I'm just so happy and incredibly satisfied,' said the former premier. 'I've waited 30 years for this and
I'm just glad that the voter turnout was so high. It shows that the nation stands behind the "yes" vote.'

During the course of the evening's well-wishes and handshakes, Motzfeldt also managed to voice his
ideas on what the first political milestone should be for the new self-rule government.

'If it was up to me, then I think we should first take a deep breath and then get the country stabilised.
And the first area to take care of in that respect is raw materials,' said Motzfeldt.

'We have to have full responsibility for that area and now we have the legal right to it. Then we have
to determine how to get the most out of those resources economically for Greenland,' he said.
Udskriv
Sermitsiaq.gl - Første område bliver råstoffet Page 1 of 1
http://

 

[Luciano]

From HC:

For what is the worlds second biggest REE deposit and top 5 uranium deposits plus the Sodium Fluoride, current in ground value is well over 40 bill before the resource upgrade. Current undiluted market cap is around 80 mill with roughly 10 mill in the bak and absolutely no need for capital raising. Fully diluted market cap is around 160 mill but the co would then have over 50 mill in cash aswell.

( NAF is used to make artificial cryolite that is used as a flux in aluminum smelting, and has numerous other industrial applications including glass manufacturing. Initial investigations by the company suggest that a relatively low-purity NaF product is valued at approximately $1,000 (USD) per tonne. Coincidentally, Alcoa are building the world’s largest
aluminium smelter in Greenland and as such are an obvious potential buyer of the NaF.

Points of note are:
1. Kvanefjeld is now recognised as one of the largest known occurrences of Rare Earth Oxides (REO) in the world and with the incorporation of results from the large 2008 field program, I expect it to move to the largest. Within the same ore body is a very large uranium resource, and vast resource of sodium fluoride.

2. Greenland is a first world OECD country that is embracing natural resource development as the foundation of its future economy. With Greenland moving to further independence from Denmark, Greenland’s government has stated that the development of large natural resource projects will be a high priority to help facilitate
the path to independence.

3. Following a parliamentary debate in late November, 2008, Greenland announced inprinciple support for by-product uranium production. The Company considers this as a huge vote of confidence for the future of the Kvanefjeld project from Greenland’s authorities.

4. The project is 8kms from a town with deepwater ports open all year with an international airport nearby and the potential to utilise hydroelectric power for the mining and ore processing.

Why Greenland?
Greenland is highly prospective yet underexplored. It is politically stable, maintains a longlived
democracy and tax system, and is mining friendly, yet there is also a high level of
unemployment. The Greenland Home Rule Government recognises that the responsible
development of mineral resources is critical to the future economy of Greenland. This was
emphasised at the Greenland Sustainable Energy Conference in Copenhagen in May 2008
at which GGG was lead sponsor. Many of the world’s leading oil and gas and mining companies such as Rio Tinto, Quadra and Esso have recognised the potential of Greenland and secured licenses.

 

[Luciano]

From mining news.

Closing price should be .445, or up 3.5%, not .40 and down 7%!

Bit of a schitzo day.... so glad I was at work and not watching the SP plummet like that! Hit a low of .385 not long after the news came out, before shooting up again to hit .47 and back to .445. ANyways, apart stopping a whole bunch of traders out, no damage done! ANd if they were quick, they could've gotten back into it anyway! Me, I'm into this for the long term. GGGO it is for me! .255, up 6.2% Hopefully come 2011 the world has been degeared enough and stable enough to support nice prices for that 85% upgrade of the Rare Earths to 4.91Mt! That's the big fish in the pond of this one. With China controlling and restricting access to REs, as it does, the prices could be very good in the future.

Good luck to all holders!


Greenland ups Kvanefjeld resource

Kristie Batten
Thursday, 18 June 2009

GREENLAND Minerals & Energy has announced a substantial increase in resources at its Kvanefjeld project in Greenland, with rare earth oxide resources boosted by 88%.

Kvanefjeld now has an indicated and inferred resource of 457 million tonnes grading 0.3% uranium oxide, 1.07% total rare earth oxide and 0.22% zinc using a cut-off of 0.1% uranium oxide.

The deposit contains 4.91Mt of total rare earth oxide, 990,000 tonnes of zinc, 120,000t of uranium oxide and 3.09Mt of sodium fluoride.

Of the new resource estimate, 79% of the rare earth oxide resources are in the indicated category.

The previous resource estimate was 334Mt at 0.03% uranium oxide, inclusive of 215Mt at 1.21% rare earth oxide and 201Mt at 1.1% sodium fluoride.

The company said the updated resource estimate confirms Kvanefjeld as one of the world’s largest rare earth resources in the world.

A prefeasibility study is underway at Kvanefjeld, which is scheduled for completion in the third quarter.

Preliminary metallurgical testwork has confirmed the suitability of an alkaline leach recovery operation.

Last year Greenland Minerals & Energy spent $A16.2 million on drilling and environmental studies at Kvanefjeld.

Shares in Greenland Minerals & Energy were 7% or 3c down today to 40c.

 

[Luciano]

This may help GGG get a mining licence?

From HC

So, we have fiscal pressure on our side, and a wishy washy leftist led coalition against on this one... (not that I'm against lefty govts myself per se.... just this one for obvious reasons!) which will win out?


The new government of Greenland has inherited a difficult financial situation from its predecessors, with bankruptcy as a real and present danger.

The IA-led coalition government, which took over from the former Siumut-led coalition following national elections on 2 June, is already facing its first real threat, as it is alleged that the country is on the verge of emptying its coffers, mainly due to subsidies granted to Home Rule-owned companies such as Royal Greenland, and according to an article in Danish newspaper Berlingske Tidende, Greenland could be bankrupt as early as 2010.

In order to ensure sufficient liquidity for the national economy and to secure the continued efficient running of the country and its 17 publicly owned companies, politicians could be forced to go cap in hand for loans from foreign banks by 2010.

The information comes from an anonymous source within the Home Rule administration who has insight into Greenland’s finances.

The newly elected government have nevertheless confirmed that publicly owned Royal Greenland will be rescued from its current financial difficulties with a cash injection of 500 million kroner, but possibly as much as 650 million kroner.

With this payment to Royal Greenland the national finances, which currently stand at 2 billion kroner, will begin to be dangerously drained, with a very real risk of being empty by as early as 2012.

Home Rule authorities had already budgeted for a deficit of 300 million kroner. In addition, the previous Siumut-led government earmarked as much as 300 million kroner for hydroelectric power projects in the towns of Ilulissat and Sisimiut.

The payment to Royal Greenland, together with the planned budget deficit and hydroelectric project funding, total almost half of the country’s national finances.

That could leave the treasury with just over one billion kroner in reserves by next year, and would put the country at a serious risk of seeing its finances dropping below what is regarded by politicians and economists in Greenland as an important minimum reserve credit of 600 million kroner.

As soon as the country’s reserves drop below 600 million kroner, there may be little alternative for the government than to take out expensive foreign loans, which are often accompanied by high interest rates that worsen the already difficult situation.

However, Christen Sørensen, chairman of the advisory committee for Greenland, put doubt on the seriousness of the situation.

‘With finances of about two billion kroner the Home Rule Government is in a position of good liquidity,’ said Sørensen.

But the real question is for how long.



http://news.bbc.co.uk/2/hi/europe/8111292.stm

The Arctic island of Greenland is assuming self-rule, in the latest step towards independence from Denmark.

The move follows a referendum on greater autonomy in November. It will see Greenland take a greater share of revenues from its natural resources.

The local government is taking control of the police and the courts. Greenlandic - or Kalaallisut - becomes the official language.

Denmark has the final say in defence and foreign-policy matters.

Copenhagen has ruled Greenland for three centuries. It granted the territory limited sovereignty in 1979.

But the new self-rule system takes the Arctic island and its 57,000 inhabitants closer to independence.

Greenlanders - most of whom are native Inuit - will be treated as a separate people under international law.

Prime Minister Kuupik Kleist
Greenland Prime Minister Kleist has promised to focus on social problems

Much of the oil, gas, gold and diamonds the island holds has been inaccessible because of the Arctic ice covering most of the land mass.

But US experts believe it will become easier to exploit the island's mineral wealth as global warming melts the ice sheets.

Independence advocates hope the expected increase in revenues from minerals will help fund a final breakaway from Copenhagen.

But analysts say any push for independence is likely to be put on the backburner by Greenland's new leftist government.

Newly elected Prime Minister Kuupik Kleist has vowed to concentrate on tackling big social problems, such as alcoholism, domestic violence and a high suicide rate.

Greenland currently relies heavily on subsidies from the Danish government - which provide 30% of its GDP.

 

[JnrTrader]

45c is the key level for ggg and my graphing shows a decline is coming, maybe a pullback to around 36c is likely, but i like this stock, loads of potential in medium term

 

[Luciano]

Very prophetic JnrTrader! Just half a cent out at 36.5! Absolutely smashed today. Word is that management will be meeting the govt this week, so we may have some indication of how things will play out comes weeks end. My bet is that U mining is disallowed, but the RE is allowed. Only prob is that the minerals are mixed in together... "whereever we put our shovels, we hit Uranium". So maybe they'll have to mine the stuff, then store it somewhere and then put it back or something... which sounds problematic. Hopefully there'll be some rumours one can latch onto or even an announcement come weeks end. One thing's for certain though, with $50 billion bucks of RE's not to mention large deposits of Sodium Flouride and Zinc (oh, and U ), if the political uncertainty is cleared up, then expect this one to rocket! Watch this space!

 

[Luciano]

In a trading halt now until Thursday open or announcement earlier to clarify this article. Note it is not clear whether this is just the minister's opinion, or definite Govt policy. Maybe if certain conditions could be met, the project could go ahead. Anyway, we'll find out soon enough. Word is that the company chair is meeting the PM on Thursday.

Latest blow to Uranium project

Government say no to uranium development in Narsaq (Photo: John Rasmussen)

Uranium mine proposal near the town of Narsaq is given the thumbs down, but the government says it is open to potential uranium development projects
By Kurt Kristensen

A proposed uranium mine on Kvane Mountain has been turned down by Ove Karl Berthelsen, minister for commerce and raw materials, due to its proximity to the town of Narsaq, western Greenland.

‘Kvane Mountain is situated so closely to Narsaq that we simply can’t run the risk of radioactive pollution as the result of uranium mining, even as a by-product,’ said Berthelsen.

The new government has made it clear that it will not approve the project due to safety concerns, but said that the decision did not indicate it was unwilling to consider uranium by-product mining.

This represents a clear change of political stance towards radioactive materials from the new IA-led coalition government, and moves it away from the previous zero-tolerance policy implemented by the Siumut-led government in 1988.

The government’s coalition agreement states that it is willing to consider the development of non-living natural resources, but not at the cost of the environment.

‘This means that we are willing to consider the development of uranium as a by-product, subject to certain conditions,’ said Berthelsen.

He pointed out that any uranium mined must be a by-product, and that there would have to be assurances that any uranium mined in Greenland was not used in the weapons industry.

However, Berthelsen said that with so much mineral wealth potential in Greenland in the form of molybdenum, zinc, iron, gold and diamonds, to name but a few, there was no need to rush to pass any uranium-mining policy changes.

‘Let’s concentrate on opening these mines first, allowing us the necessary time required to evaluate the development if uranium,’ said Berthelsen, who also pointed to the potential 1,500 jobs that mineral development could create in the country

 

[JnrTrader]

wasnt expecting it to fall to my target that very day luciano but things are not looking as good as they were for ggg.With regards to your previous post, that the gov may not allow U mining from ggg flagship project, this has been the issue all along for ggg and for many many years now they just cant seem to get this project up and running

 

[Luciano]

GGG now suspended until further notice. Make or Break time I would think! Here's a slightly different article:

http://sermitsiaq.gl/erhverv/article88231.ece?lang=EN

"Plans for a mine at Kvane Mountain could turn out to be more about providing green energy solutions than the risks of radioactive pollution"

New estimates have indicated that Kvane Mountain is rich in Rare Earth Oxides (REO), such as zinc, uranium oxide and natrium fluoride.

REO present on Kvane Mountain can be used in strategically important super alloys, which are used to making turbine blades in gas generators and other green technologies. They are also of vital importance to the electronic industry, which utilises them in computers, mobile telephones and navigation equipment.

It is calculated that Kvane Mountain contains almost five million tonnes of REO, including nearly a million tonnes of zinc, 120,000 tonnes of uranium oxide and three million tonnes of natrium fluoride.

However, a proposed uranium mine on Kvane Mountain has been turned down by Ove Karl Berthelsen, minister for commerce and raw materials, due to its proximity to the town of Narsaq, western Greenland.

‘Kvane Mountain is situated so close to Narsaq that we simply can’t run the risk of radioactive pollution as the result of uranium mining, even as a by-product,’ said Berthelsen.

The new government has made it clear that it will not approve the project due to safety concerns, but said that the decision did not indicate it was unwilling to consider uranium by-product mining.

Now Greenland Mining and Energy have released a statement indicating that their application is in fact not for uranium, but for REO mining, with the necessary consequence of uranium being mined as a by-product due to its presence in the mountain.

 

[fast fate]

Meeting in Perth today - voting allows more money & share allotments to directors ???

And still no announcement !!!
Trading still in Suspension !!!

Surely this will not go down well with shareholders.
Glad I got out the other day before the Trading Halt application went through.
Still holding small allotment BUT wish I wasn't !!

Can only hope that announcement has some amazing news - if announcement ever arrives !!

 

[the barry]

Meeting in Perth today - voting allows more money & share allotments to directors ???

And still no announcement !!!
Trading still in Suspension !!!

Surely this will not go down well with shareholders.
Glad I got out the other day before the Trading Halt application went through.
Still holding small allotment BUT wish I wasn't !!

Can only hope that announcement has some amazing news - if announcement ever arrives !!

Why would this go down badly with shareholders? Its not up to them to make the announcement. Could be days, weeks. Get a clue.

 

[kgee]

What a Debacle!
A ministers gone ahead and said no to the project and an environmental impact study hasn't been completed nor has a request for a mining permit been issued by GGG

And yet its seems the govt will give the go ahead to Alcoa's (?) aluminium smelter....effectivley doubling Greenlands CO2 emmissions
You think these guy's might have heard about melting polar caps????

and Uranium from what I gather isn't the boogey monster it once was...its relativeley safe to mine and no CO2 emmissions

WTF!!!!

I'm thinking back to FNT and the Kokoda Track mess
and I'm thinking not again
well that and church towers / sniper rifles
or clubbing a seal

 

[Luciano]

Ah ha Kgee.... but hang on! Perhaps there's hope after all!


http://www.knr.gl/index.php?id=183&tx_ttnews[tt_news]=46103&tx_ttnews[backPid]=143&cHash=877c51f442

Google Translation:

Thursday 25. June 2009 17:44

Zero tolerance for uranium to be changed, if it stands in the way of resource development in Greenland, says Business Forum in Kujalleq.

Business Forum in Kujalleq feel the urgency of environmental studies that could pave the way for mining activities in Kvanefjeldet by Narsaq. The three business presidents in Narsaq, Qaqortoq and Nanortalik strongly dissatisfied with the new Greenland controlled uranium restrictive policy.
- Zero-tolerance is to be changed, if it stands in the way of resource development in Greenland, says business forum chairman Narsaq, Ib Lauersen.
- People must be able to take a position on mining in Kvanefjeldet based on facts and science, and not from politicians immediate thoughts. Mining and quarrying is a fantastic opportunity that should be examined thoroughly before you say no, says the Ib Lauersen.
Ib Lauersen has not even concerns about mining in Kvanefjeldet.
- I trust the scientists from Risø and National Environmental Research Institute, who worked with her for many years.

 

[Luciano]

Former PM of Greenland, Lars-Emil Johensen has just been appointed the new CEO of GGG!


From tomorrow joins Lars-Emil Johansen as new CEO of the Australian-owned Greenland Minerals and Energy A / S, writes AG today.


Lars-Emil Johansen. Arkivfoto.

My company will extract metals in Kvanefjeldet in Narsaq, which is only possible in a contentious biproduktion uranium.

- When I went into this work, it is because I want to help the PA hits a real substance. Kvanefjeldet contains the largest collection of rare earth metals that are used in high technology. At best, Kvanefjeldet contain minerals that will provide work for the next three generations, and major economic benefits for the country. But first there are only issued a preliminary permit, "says Lars-Emil Johansen AG.


Here's what Wikipedia has to say on our man:

Lars Emil Johansen (born 24 September 1946) was the second Prime Minister of Greenland, serving from 1991 to 1997.
Johansen was chairman of the political party Siumut (Forward) between 1987 and 1997, seated in the Landsting from its creation in 1979. Prior to the creation of the Landsting, he represented Greenland in the Danish Folketing from 1973, a position he regained in 2001 and still holds.
He was born in Illorsuit, a small settlement near Uummannaq in the Qaasuitsup municipality.
In 1970, Johansen finished his education as a teacher, and the following year he was elected for the Greenland country council, the most powerful local authority in Greenland prior to the creation of the Landsting.
He has been rewarded with the Danish Order of the Dannebrog and the Royal Norwegian Order of Merit, as well as two types of the Nersornaat, the silver Nersornaat and the golden Nersornaat (the Greenland Medal for Meritorious Service).

 

[kgee]

Possible good news
From Sermitsiaq
http://sermitsiaq.gl/erhverv/article88845.ece?lang=EN

Denmark has been allotted a carbon dioxide quota of 2.2 million tonnes to cover gas and oil extraction in the North Sea, while Greenland has not been allotted a single tonne.

This could spell trouble for a planned Alcoa aluminium works in Greenland. The works are projected to emit 612,000 tonnes of carbon dioxide per year. Oil exploration requires a minimum of one two million tonne emission quota.

Connie Hedegaard, Denmark’s climate minister, spoke with Greenland’s national broadcaster KNR, to whom she was unable to explain the apparent disparity, but said she would be discussing the matter with Premier Kuupik Kleist and developing a good dialogue over the coming months.

I wonder how it feels when the shoe is on the other foot?
If there's delays with Alcoa's project surely that puts a new light on Kvanefjeld.
Fingers crossed
Hey Lucciano where did you find the info on this new appointment of a CEO been looking can't find much

 

[antzlovinit]

No free CO2 allowances to Greenland

Finally got 5 posts up!
http://sermitsiaq.gl/indland/article89170.ece?lang=EN (language in danish but google translated)

KNR writes that Greenland has had the opportunity to seek free CO2 quotas so that after 2012 do not have to buy as much CO2 allowances. KNR argues further that, because the EU law, all countries reach an agreement with the EU, making it possible to apply for free CO2 allowances. This is not true, writes Landsstyre President's Department in a press release.

The first misconception is that you can already get agreement on CO2 quotas after 2012. The current Kyoto Protocol expires in 2012, there is no agreement on quotas for 2012. CO2 allowances and reduction targets after 2012 is what is currently under negotiation with a view to concluding an agreement in December 2012 in Copenhagen.

The next misconception is that the Greenland and other countries can apply for frikvoter mid-Kyoto period. Denmark ratified the Kyoto protocol in 2002 without qualifying for Greenland. This means that Denmark and other countries under the Protocol are obliged to reduce its CO2 emissions by 2012.

Greenland has produced a framework agreement with Denmark to Greenland also actively seek to reduce its CO2 emissions compared to 1990 levels.

This means that Denmark and Greenland before the expiry of the Kyoto Protocol in 2012 may not be searching for new free allowances.

It also follows from the framework agreement to be negotiated if Greenland before the first commitment period 2008-2012 to establish industrial and production of oil, gas and / or minerals.

Greenland has secured the necessary framework for CO2 emissions for industrial development up to 2012. Right now must be negotiated limits after 2012.

Hope negotiations go well!