Danish investment needed to secure Greenland’s mining future, study says

Foreign cash necessary if island nation is to fulfil its mining ambitions, and the Danish kroner needs to be in the mix

Shoppers are scooping up nearly expired food (Photo: Bando26)
February 26th, 2014 7:00 pm| by admin
facebooktwittergoogle_pluspinterestmail

The foreign investors needed to make major mining projects a reality in Greenland may be waiting to see if locals are willing to invest in the country's future, according to a report.

Many projects are already on the drawing board. London Mining has already received the go-ahead to start work, and other permits are pending. However, many foreign investors are stalling.

 “Foreign investors, especially those from Asia, are reluctant to invest unless they see local companies getting involved,” Minik Rosing, a University of Copenhagen geologist who was the lead author of a recent report detailing the prospects of the country’s nascent mining industry, told the Arctic Journal.

Rosing said it could end up being the case that Danish companies will need to help attract foreign money to the self-governing country.

“Half the money needed to finance the Isukasia iron mine will need to come from outside of Greenland,” said Rosing. “If just part of that could come from Denmark, it would help to get things rolling.”

READ MORE: Uranium deal with Greenland sealed by year's end

Danish co-investors would show potential international partners that there are those close to home who believe in the viability of mining projects in Greenland, and Rosing said he was ‘frustrated’ with Greenlandic scepticism toward Danish investors.

“We will be competing against the entire world and need to play every card we can. One of those is co-operation with Denmark.”

Shoppers are scooping up nearly expired food (Photo: Bando26)
Shoppers snapping up last minute food bargains
Shoppers are wild about reduced price foods that are close to their explora...
TGI Fridays has brought its world-famous burgers to Copenhagen (Photo: TGI Fridays)
TGI Fridays opens in the centre of Copenhagen
The American chain restaurant TGI Fridays has opened its first Danish locat...
Any rats on aisle three? (Photo: Dennis)
Live snake found in Copenhagen supermarket toilet
The Føtex on Vesterbro in Copenhagen had an unexpected guest on  Tuesday ...
Don't mess with this one! (Photo: Ernie)
Giant hornet becoming more widespread
Kæmpehvepsen.Giant hornets. The European hornet (Vespa Crabro). They can b...
Don't miss Belgian soloist and chamber musician Camille Thomas (photo: Camille Thomas)
Copenhagen Summer Festival
Over 12 days at the beginning of August, gifted national and international ...
The Malo Seaways was hit by emergency flares over the weekeend (Photo: DFDS)
DFDS hopes to resume Calais service tomorrow
DFDS Seaways services between Dover and Calais remained suspended today aft...