NO NUKES
Reuters | February 11, 2025 |
Kvanefjeld rare earths project. (Image courtesy of Greenland Minerals.)
The mining company that owns the licence to Greenland’s Kvanefjeld deposit is hopeful that a new government will repeal a ban on uranium mining after next month’s election, potentially rejuvenating one of the world’s largest rare earth projects.
US President Donald Trump last month voiced renewed interest in acquiring the strategically important Arctic island.
In response to Trump’s comments, CEO Daniel Mamadou of Kvanefjeld licence holder Energy Transition Minerals, said: “I think it certainly puts everything related to minerals back on the map.”
Kvanefjeld is among the world’s top three rare earth deposits outside China, capable of supplying up to 15% of global production of the critical components used in manufacture of consumer electronics and weapons, according to Mamadou.
However, the project’s development was halted four years ago following the election of the Inuit Ataqatigiit party, which had pledged to stop the Kvanefjeld project due to its uranium content and proximity to populated areas.
The government subsequently enacted a law banning extraction from deposits with uranium concentrations higher than 100 parts per minute (ppm).
The company had been on track to gain final approval for the mine under the previous government, but locals fear its development could harm the country’s fragile environment. The site is located near a UNESCO World Heritage Site and just a few kilometres from Narsaq. Mamadou was met by local protesters from Narsaq when he visited the site last week.
Greenland’s government is in a caretaker period because the election has been called and is no longer fully active. The ruling IA party says it is still opposed to the project and wants to keep the uranium ban in place.
Its government coalition partner Siumut, which did not vote for the passing of the uranium ban in 2021, has since the election was called not said if it wants to scrap the uranium law. However, Siumut says in its party constitution that it should be possible to develop mines with uranium as a biproduct.
The head of Greenland’s biggest labour union SIK with 8,000 members supports the development of Kvanefjeld.
Before the halt, Energy Transition Minerals had invested over 1 billion Danish crowns ($138 million) in the project. The company has since launched an arbitration case seeking compensation from the Greenlandic and Danish state.
“The way this case is going to be solved – whether it’s in our favour or not – is going to dictate the view and the attitude of foreign investments into Greenland going forward,” Mamadou said.
The company’s shares saw a significant boost following Trump’s comments but remain far below levels seen before the enactment of the uranium law.
The timing of Mamadou’s visit to Greenland during the election campaign was a coincidence, he said.
Energy Transition Minerals, with China’s Shenghe Resources holding 7% as its largest shareholder, is prepared to supply a supply chain outside China within the next three to five years, Mamadou said.
Despite protests from locals in Narsaq near the Kvanefjeld site, Mamadou remains optimistic about the project’s economic impact. He believes that the project could provide a much-needed boost to Greenland’s fishing-dependent economy, potentially paving the way for the country’s economic independence from Denmark.
($1 = 7.2366 Danish crowns)
(By Jacob Gronholt-Pedersen; Editing by David Evans)
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Global Atomic Corporation
Feb 12, 2025,
NIGER UPDATE
At the African Mining Indaba Conference held in Cape Town last week, the Company held several important meetings with Niger's Mines Minister Abarchi, who was present at the largest mining conference in Africa, promoting his Country to attract potential investors interested in the mining sector. The Minister emphasized the Government's strong support for Global Atomic and the Dasa Project, and confirmed his government has no intention to nationalize the Dasa Project.
In various meetings attended by Minister Abarchi at the Conference, he stated that Niger welcomes and encourages investment by foreign mining companies specifically including those from Canada, the United States and Australia. Further, at the end of last week the Niger government announced plans to hold a major conference in mid-February to establish a process that will govern the transition to a democratic election.
The Company held additional meetings in Cape Town, including with new groups interested in financing the Dasa Project, as well as suppliers and contractors who are currently working with Global Atomic and SOMIDA.
PROJECT DEVELOPMENT
The advancement of the Dasa underground has progressed on the first two levels along the footwall of the ore body. Five-meter diameter ventilation raises have been completed and commissioned enabling continued underground development while maintaining safe working conditions and efficiency.
Plant construction is proceeding on schedule with earthworks nearing completion and civil works underway and the concrete batch plant now under construction. Large pieces of processing equipment such as the SAG mill shell, crusher and acid plant are now on site. The camp that will house the plant construction crew is well underway with a large percentage of housing now ready for occupation.
FINANCING
Since the inauguration of President Trump in the United States of America, the market reaction has been that debt funding for the Dasa Project is unlikely to come from the USA. However, these discussions continue as well as the advancement of the Joint Venture final documentation. It is important to remember that the Company has entered into off-take agreements for 8.8 million pounds U3O8 over the first 7 years of the Mine; 90% of which has been sold to US utilities. As a result of the many successful meetings at the Indaba Conference, new parties have indicated a willingness to participate in the final funding solution for Dasa. Management is confident that these initiatives will continue to progress, and we reiterate our belief that prior to the end of Q1, 2025, further clarity can be shared with the market.
Stephen Roman, President & CEO of Global Atomic, stated, "By advancing the development of the mine, processing plant and infrastructure, we have significantly moved the Dasa Project closer to production while continuously adding to the intrinsic value of the Dasa Project. This is the basis of appraisal for all our financing discussions and not the current value of our shares."
A recent video of our progress in Niger is available at https://www.youtube.com/watch?v=ITl8r104-MA.
About Global Atomic
Global Atomic Corporation (www.globalatomiccorp.com) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company's Uranium Division is currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The "First Blast Ceremony" occurred on November 5, 2022, and commissioning of the processing plant is scheduled for Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that can be advanced with further assessment work.
Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe, Asia and the United States of America.
Feb 12, 2025,
NIGER UPDATE
At the African Mining Indaba Conference held in Cape Town last week, the Company held several important meetings with Niger's Mines Minister Abarchi, who was present at the largest mining conference in Africa, promoting his Country to attract potential investors interested in the mining sector. The Minister emphasized the Government's strong support for Global Atomic and the Dasa Project, and confirmed his government has no intention to nationalize the Dasa Project.
In various meetings attended by Minister Abarchi at the Conference, he stated that Niger welcomes and encourages investment by foreign mining companies specifically including those from Canada, the United States and Australia. Further, at the end of last week the Niger government announced plans to hold a major conference in mid-February to establish a process that will govern the transition to a democratic election.
The Company held additional meetings in Cape Town, including with new groups interested in financing the Dasa Project, as well as suppliers and contractors who are currently working with Global Atomic and SOMIDA.
PROJECT DEVELOPMENT
The advancement of the Dasa underground has progressed on the first two levels along the footwall of the ore body. Five-meter diameter ventilation raises have been completed and commissioned enabling continued underground development while maintaining safe working conditions and efficiency.
Plant construction is proceeding on schedule with earthworks nearing completion and civil works underway and the concrete batch plant now under construction. Large pieces of processing equipment such as the SAG mill shell, crusher and acid plant are now on site. The camp that will house the plant construction crew is well underway with a large percentage of housing now ready for occupation.
FINANCING
Since the inauguration of President Trump in the United States of America, the market reaction has been that debt funding for the Dasa Project is unlikely to come from the USA. However, these discussions continue as well as the advancement of the Joint Venture final documentation. It is important to remember that the Company has entered into off-take agreements for 8.8 million pounds U3O8 over the first 7 years of the Mine; 90% of which has been sold to US utilities. As a result of the many successful meetings at the Indaba Conference, new parties have indicated a willingness to participate in the final funding solution for Dasa. Management is confident that these initiatives will continue to progress, and we reiterate our belief that prior to the end of Q1, 2025, further clarity can be shared with the market.
Stephen Roman, President & CEO of Global Atomic, stated, "By advancing the development of the mine, processing plant and infrastructure, we have significantly moved the Dasa Project closer to production while continuously adding to the intrinsic value of the Dasa Project. This is the basis of appraisal for all our financing discussions and not the current value of our shares."
A recent video of our progress in Niger is available at https://www.youtube.com/watch?v=ITl8r104-MA.
About Global Atomic
Global Atomic Corporation (www.globalatomiccorp.com) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company's Uranium Division is currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The "First Blast Ceremony" occurred on November 5, 2022, and commissioning of the processing plant is scheduled for Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that can be advanced with further assessment work.
Global Atomic's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe, Asia and the United States of America.
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