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(Alliance News) - GreenRoc Mining PLC on Wednesday said that a recent change to Greenland's mining laws would expedite exploitation licencing for its Amitsoq graphite project.
GreenRoc, a portfolio company of Alba Mineral Resources PLC, is a UK and Greenland-focused mineral explorer.
Prior to January 1, Greenlandic law demanded that the company complete an environmental impact assessment, social impact assessment and impact benefit agreement for the Amitsoq graphite project before an application for an exploitation licence could be submitted.
Following a revision to the country's mining laws, permit applications can now be processed alongside the completion of these assessments. GreenRoc said that this change "is expected to significantly reduce the timeline for GreenRoc to apply for and obtain an exploitation licence for Amitsoq".
GreenRoc now aims to file an application in the first half of 2024, and said that it could receive the licence grant before the end of the year.
The company said that this accelerated schedule is expected to assist in the securing of development financing for the southern Greenland project.
Application has also been made to extend GreenRoc's existing exploration licencing for south Greenland to include areas of "significant graphite mineralisation" in Amitsoq's surrounding areas.
GreenRoc also announced that it had surrendered its exploration licence MEL 2017-41 in North Greenland, which encompasses the company's Melville Bay iron project.
GreenRoc Chief Executive Officer Stefan Bernstein said: "The changes in the Greenlandic mineral law that came into effect on January 1 2024 are very positive for GreenRoc. The fact that our application for an exploitation licence can now run in parallel with the environmental and social impact assessment studies we are undertaking should significantly shorten the processing time for the Exploitation Licence. It also futher illustrates Greenland's commitment to simplifying its mineral administration in order to establish a solid mineral extractive industry in the country."
Shares in GreenRoc were down 2.7% at 1.80 pence each in London on Wednesday afternoon.
By Hugh Cameron, Alliance News reporter
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