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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Greenland Minerals Limited    GGG   AU000000GGG4

GREENLAND MINERALS LIMITED

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Greenland Minerals : Polls close in Greenland election closely watched by global mining industry

04/06/2021 | 07:12am EDT

* Greenland has vast deposits of rare earth metals

* Long-dominant ruling party behind in opinion polls

COPENHAGEN, April 6 (Reuters) - Voting stations closed in Greenland on Tuesday evening in a snap election that could unseat the ruling party and help decide the fate of vast deposits of rare earth metals that international companies want to exploit.

The Arctic island of 56,000 people, which former U.S. President Donald Trump offered to buy in 2019 only to be told it was not for sale, is part of the Kingdom of Denmark but has broad autonomy.

International companies are watching the election closely as they compete for the right to develop Greenland's untapped deposits of rare earth metals including neodymium, which is used in wind turbines, electric vehicles and combat aircraft.

Global warming and melting ice have made Greenland more attractive for investment as access by sea has become easier. Trump's offer for Greenland was intended to help address Chinese dominance of rare earth supplies.

But concern in Greenland is mounting about the potential environmental impact of plans to build a large mining complex at Kvanefjeld in the south of the island, a site that contains uranium as well as neodymium.

A junior party withdrew from the coalition government in February as opposition to the project grew, prompting the decision to call Tuesday's election to the 31-seat parliament.

MINING POTENTIAL

Opinion polls before the election showed the social democratic Siumut Party, which has led all governments since 1979 except for one period from 2009-2013, trailing the main opposition party, Inuit Ataqatigiit (IA).

Support from Siumut helped secure preliminary approval for the Kvanefjeld project, which is licensed to Australia's Greenland Minerals Ltd, in which China's Shenghe Resources Holding Co Ltd is the biggest shareholder.

If IA can form a coalition to govern, it could raise questions about the project. IA has a zero-tolerance policy for uranium and has criticised the project.

Polling stations closed at 8 p.m. (2200 GMT) and deputies will be elected for four years. Authorities hope to announce final results before 1 a.m. Wednesday (0300 GMT), local media reported.

No preliminary results had so far been made public.

Apart from mining, campaign issues have included housing, the fishing industry and efforts to gain more autonomy.

Greenland's mining potential is widely seen as vital to its prospects of achieving more economic independence, as its $3 billion economy and large public sector are heavily reliant on grants from Denmark.

A majority of Greenlanders view independence from Denmark as a long-term goal but say economic development is needed first.

(Reporting by Nikolaj Skydsgaard; Editing by Gareth Jones and Peter Cooney)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GREENLAND MINERALS LIMITED 13.64% 0.125 End-of-day quote.-52.83%
SHENGHE RESOURCES HOLDING CO., LTD -6.20% 15.27 End-of-day quote.71.77%
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Financials
Sales 2020 0,16 M 0,12 M 0,12 M
Net income 2020 -3,08 M -2,34 M -2,34 M
Net cash 2020 36,0 M 27,4 M 27,4 M
P/E ratio 2020 -102x
Yield 2020 -
Capitalization 148 M 112 M 112 M
EV / Sales 2019 2 293x
EV / Sales 2020 2 018x
Nbr of Employees 28
Free-Float 82,1%
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Managers and Directors
NameTitle
John Lefroy Mair Managing Director & Executive Director
Miles Simon Guy Chief Financial Officer & Secretary
Peng Ho Non-Executive Chairman
Simon Kenneth Cato Non-Executive Director
Xiaolei Guo Non-Executive Director
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