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

Esvagt operates 43 emergency and guard ships that primarily ensure safety around oil and gas rigs in the North Sea and the Barents Sea (photo: Esvagt)
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.”

BIOS takes over from Falck in southern Denmark (photo: Facebook/BIOS Ambulance Services Danmark)
German paramedics to learn Danish in a month
Most people who learn Danish find that they don’t succeed overnight, but ...
Danish soldiers are duty-bound to report any breech of humanitarian law (photo: Forsvaret.dk)
Danish Defence investigating trophy photos
Several Danish soldiers have been recalled from Iraq and questioned because...
Condition also known as smoker's lungs (photo: iStock)
Some 200,000 Danes unaware of having deadly lung disease
More than 200,000 people in Danmark are completely unaware that they suffer...
Rockstar pig nursed a brutal hangover in style over the weekend (photo: Landsskuet - Dyreskuet i Herning Facebook page)
A lying pig, but no porkie pies
You can imagine that some of the cleaners' comments following a party for 1...
Glostrup, Rødovre, Ballerup and Frederiksberg were among the 15 municipalities that received nothing from 2011-2013 (photo: iStock)
Smaller municipalities missing out on welfare funds for the vulnerable
Not all of Denmark's 98 municipalities reap the rewards from the slush fun...
Wozniacki will regret this loss more than most given her easy draw (photo: si.robi)
Wozniacki out of Wimbledon
Caroline Wozniacki has once again failed to advance beyond the fourth round...