Dear Pat: Do you have any of your scrupulous research on Greenland Minerals and Energy on the Australian Stock Exchange? And how about an opinion about investing in rare earth minerals?
Greenland Minerals and Energy, $0.55, symbol GGG on the Australian exchange (Shares outstanding: 218.5 million; Market cap: $120.2 million) is focused on its 61%-owned Kvanefjeld project near the southwest tip of Greenland. Exploration of the deposit has revealed rare-earth elements, uranium, zinc and naturally occurring sodium fluoride.
The company is now working on a feasibility study for a mine on the site. One problem is that the government of Greenland doesn’t permit uranium mining, and uranium plays a large role in Greenland Minerals’ mining plan. However, the Greenland government may allow uranium production as a by-product of mining other minerals. Public debate in Greenland will have a big impact on the issuance of a mining permit.
Greenland Minerals holds cash of roughly $9 million Australian ($8.9 million Canadian), so it has the funds to continue its feasibility and development programs.
Greenland Minerals and Energy is okay to hold, but for highly aggressive investors only.
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Rare-earth elements are a group of metals with…
Privacy Policy and Terms of Use
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