logo-loader
viewGreenland Minerals Ltd

Greenland Minerals and Energy gains Global X Uranium ETF as substantial shareholder

greenland_minerals_updated_map_358_53f28e59c7696.jpg

Greenland Minerals and Energy (ASX:GGG) has received notice of initial substantial shareholding from Global X Uranium ETF, which has a 7.35% interest in the company.

Global X Uranium ETF’s holding of 48,101,50 shares is well timed given the rise in spot uranium by US$1.25 a pound to US$30 a pound, a level not seen since May.

The Global X Uranium ETF has built an investment portfolio of uranium mining companies worldwide with substantive upside.

Greenland Minerals and Energy has also been progressing its Kvanefjeld uranium and rare earth deposit in Greenland with the company saying in early August that it was finalising the Environmental and Social Impact Assessments.

These form critical components of a mining licence application, and will be completed in the coming months.

Kvanefjeld has Resources of 956 million tonnes, containing 575 million pounds uranium and 10.33Mt total rare earth oxide

The company is currently completing the Feasibility Study for a mine, concentrator and hydrometallurgical refinery in Greenland treating 3 million tonnes of ore per annum.

This will produce 230,000 tonnes per annum of a rare earth mineral concentrate which contains 14% REO and 0.25% U3O8. 

Refining of this mineral concentrate is expected to produce 7,000 tonnes per annum of critical rare earths, 16,000 tonnes per annum of light rare earths and 1.1 million pounds of U3O8.

 

Analysis

The increase in price of uranium is useful for companies like Greenland Minerals and could be a predicator of good macro things to come as Japan’s Hokuriku Electric has now signed up for the safety checks required by the Nuclear Regulation Authority before reactors can be restarted.

All 10 of Japan’s nuclear station owners have now sought the checks.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Greenland Minerals Ltd

Price: 0.125 AUD

ASX:GGG
Market: ASX
Market Cap: $148.87 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Greenland Minerals Ltd named herein, including the promotion by the Company of Greenland Minerals Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

2 min read