News

March 02, 2010

Greenland Minerals Confirms That It Is On Course For A Full London Listing And A £40 Million Raise Early Next Year

By Alastair Ford

It’s now official. Greenland Minerals & Energy will list on the full board of the London stock exchange in the early part of next year. The brokers will be Evolution, and one other, yet to be appointed, though Greenland managing director Rod McIllree says he’s currently in advanced talks on that front. The decision to move straight onto the full list is a bold one, given that there have been precious few new mining listings on the LSE proper for a year now. But the Aim market is beginning to loosen up, and already there have been a few new arrivals this year. As the global economy gradually recovers its poise, and demand stabilizes, there’ll no doubt be a few more.

But if Greenland’s decision to go straight onto the main market is a sign that economic conditions continue to improve for the miners, it’s also a reflection of the company’s own ambitions. The company’s key asset is the Kvanefjeld rare earth and uranium project in Greenland. As at the latest resource update, compiled last year, Kvanefjeld contains, on a mid-case scenario that uses a 0.02% U3O8 cut-off, 339 million tonnes of ore grading 0.032% U3O8, 1.14% total rare earth oxide (TREO), and...