Greenland-focused Junior Decreases Cost of Flagship Project

Greenland Minerals and Energy, a junior company focused on delivering a production center for specialty metals, including rare earth elements (REEs), at its Ilimaussaq complex in South Greenland, has decreased the estimated capital cost for its Kvanefjeld project from $1.53 billion to $810 million as it considers a staged development option.

Kvanefjeld, situated within the Ilimaussaq complex, was one of the company’s first large-scale deposits to be delineated, and is recognized as one of the world’s largest resources of REEs. It is estimated to contain a favorable mix of REEs, including yttrium.

Greenland Minerals and Energy is now focusing on a staged development strategy for the project, with initial mine throughput set at 3 million metric tons (MT) per annum, eventually expanding to 6 million MT per annum. The project development will consist of two stages, namely a concentrator stage and a refining stage. The concentrator stage will cost an estimated $450 million while the refinery stage will cost a further $360 million.

Greenland Minerals and Energy also confirmed that with the mine and concentrator study component of the feasibility study now completed, it will be able to finalize environmental and social impact assessment studies and apply to the Greenland government for an exploitation license. Construction is set to begin in 2015, with first production scheduled for 2017.
 

Rare Earth Manufacturer & Supplier: Chinatungsten Online - http://www.chinatungsten.com
Tel.: 86 592 5129696; Fax: 86 592 5129797
Email: sales@chinatungsten.com
Tungsten News & Tungsten Prices, 3G Version: http://3g.chinatungsten.com
Tungsten News & Tungsten Prices, WML Version: http://m.chinatungsten.com

• < Prev
• Next >