Sermitsiaq reports today that the new Greenland governments annonced change in the Law of Scales (Storskalaloven) and the introduction of royalties are the reason why Dr. Hu is leaving. Fear is that the permitting process will delay from previously expected 2013 until 2015. Information director in London Mining Greenland, Kaj Kleist, says there will be a formal announcement from London Mining head office on the matter.
Project Director Dr. Xiaogang Hu is leaving London Mining Greenland for personal reasons. He will still be working in the mining industry in the North. This according to newssource Sermitsiaq.ag in Greenland.
Now is this news not worth an RNS?
LOND will have a financing problem if legislation in Greenland is not put through until December 31st. Royalty agreement with Anglo Pacific Group will expire and loan have to be repayed or converted to LOND shares.
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