- Greenland Minerals' (GGG) Kvanefjeld Rare Earths Project has progressed its Environmental Impact Assessment (EIA) to the next stage
- The Kvanefjeld EIA has succesfully reached the public consultation stage, a crucial step in gaining permits for the project
- Next steps include getting the EIA report printed in Greenlandic and Danish, in order to formalise acceptance
- Additional reporting documentation will also be submitted, before a public consultation start date is locked in place
- The Managing Director of Greenland Minerals has labelled today's news a "major project milestone"
- While shares in GGG have opened strong, up 25.5 per cent at 32 cents each
Exploration and development company Greenland Minerals (GGG) has progressed the Kvanefjeld Environmental Impact Assessment (EIA) to the next stage.
The Kvanefjeld Rare Earths Project is based in Southern Greenland and plays host important elements such as neodymium, praseodymium, terbium and dysprosium, all of which are used in the production of electric vehicles.
The company has been working for some time to aquire the necessary permitting for the Kvanefjeld project from the Greenland Government.
This latest stage of the permit process saw Greenland Minerals submit independent scientific reviews of the project's EIA to the Environmental Agency for Mineral Resource Activities (EAMRA) for assessment.
Those assessments have now concluded and EAMRA has advised the company the Kvanefjeld EIA meets the requirements to progress to the next stage of permitting - public consultation.
With the EIA revision phase concluded, Greenland will now print Greenlandic and Danish versions of the EIA report to formalise acceptance. The translations are expected to be completed next month.
Once that requirement has been met, the Ministry of Mineral Resources will then table the documentation and a public consultation phase will be scheduled in.
Speaking on the progress, Greenland Minerals Managing Director John Mair said it was a major milestone.
"The completion of the independent technical EIA reviews and confirmation that the Kvanefjeld EIA meets Greenland Guidelines is a major project milestone," he said.
"Kvanefjeld represents an important mining project for Greenland with the potential to be a globally significant, multi‐decade producer of magnet rare earths that are critical to the electrification of transport systems and a clean energy future," John added.
Shares in Greenland Minerals have jumped up following the positive announcement, trading up over 20 per cent in early trade.
Currently GGG stock is worth even more, sitting 25.5 per cent in the green at 32 cents each at 11:20 am AEST.