Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. MarketScreener Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. Greenland Minerals Limited
  6. News
  7. Summary
    GGG   AU000000GGG4

GREENLAND MINERALS LIMITED

(GGG)
  Report
SummaryChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Greenland holds election closely watched by global mining industry

04/05/2021 | 07:00pm EDT

* Election watched closely by global mining industry

* Greenland has vast deposits of rare earth metals

* Long-dominant ruling party behind in opinion polls

COPENHAGEN, April 6 (Reuters) - Greenland holds a parliamentary election on Tuesday that could help decide the fate of vast deposits of rare earth metals which 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 mounted, prompting the decision to call Tuesday's snap election to the 31-seat parliament.

Opinion polls before the election showed the social democrat Siumut Party, which has led all governments since 1979 except for one period between 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 Australian Greenland Minerals, in which Chinese Shenghe Resources 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.

Apart from mining, election 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.

Voting stations will be open from 09:00 a.m. until 08:00 p.m. (1100 GMT until 2200 GMT) and deputies will be elected for four years. In the last election in 2018, final results were published about eight hours after polls closed.

(Reporting by Nikolaj Skydsgaard, Editing by Timothy Heritage)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GREENLAND HOLDINGS CORPORATION LIMITED 1.64% 5.58 End-of-day quote.-4.29%
GREENLAND MINERALS LIMITED 0.00% 0.105 End-of-day quote.-60.38%
SHENGHE RESOURCES HOLDING CO., LTD 0.64% 15.77 End-of-day quote.77.39%
All news about GREENLAND MINERALS LIMITED
04/09GREENLAND MINERALS  : Australia's Greenland Minerals says it is focused on rare ..
RE
04/08Banks, miners help Australian shares notch 13-month closing high
RE
04/07GREENLAND MINERALS  : Main opposition party against mining wins Greenland electi..
AQ
04/07GREENLAND MINERALS  : Left-wing party wins Greenland election, opposes big minin..
RE
04/06GREENLAND MINERALS  : election shows divide over rare-earth metals mine
AQ
04/06GREENLAND MINERALS  : Polls close in Greenland election closely watched by globa..
RE
04/05Greenland holds election closely watched by global mining industry
RE
03/04GREENLAND MINERALS  : Five Eyes alliance urged to forge ties with Greenland to s..
RE
03/02INSIGHT : Mining magnets: Arctic island finds green power can be a curse
RE
03/02FACTBOX : Miners gear up global rare earth projects as prices surge
RE
More news
Financials
Sales 2020 0,16 M 0,12 M 0,12 M
Net income 2020 -3,08 M -2,38 M -2,38 M
Net cash 2020 36,0 M 27,8 M 27,8 M
P/E ratio 2020 -102x
Yield 2020 -
Capitalization 141 M 109 M 109 M
EV / Sales 2019 2 293x
EV / Sales 2020 2 018x
Nbr of Employees 28
Free-Float 82,1%
Chart GREENLAND MINERALS LIMITED
Duration : Period :
Greenland Minerals Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GREENLAND MINERALS LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
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
Sector and Competitors
1st jan.Capitalization (M$)
GREENLAND MINERALS LIMITED-60.38%109
BHP GROUP12.11%173 201
RIO TINTO PLC10.68%136 649
ANGLO AMERICAN PLC31.97%53 781
GRUPO MéXICO, S.A.B. DE C.V.23.16%41 112
SAUDI ARABIAN MINING COMPANY (MA'ADEN)40.74%18 704