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

February 26th, 2014 7:00 pm| by admin

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.”

Mærsk Mc-Kinney Møller: More than a businessman
Depending on whom you ask, Mærsk Mc-Kinney Møller, who died in April 2012...
He's never booked a waxing session and knows how to change a light bulb (photo: iStock)
Traditional men are the best lovers, according to female members of an adultery site
If the female members of adultery website Victoria Milan are to be believed...
Degnegården in Copenhagen no longer figures on the government's 'Ghetto list' (photo: Google Maps)
Denmark has fewer marginalised districts than last year
The number of marginalised and troubled neighbourhoods in Denmark has fall...
(photo: Frank Fu)
December music: like father, like son
Albert Hammond Jr Sun Dec 6, 19:00; Amager Bio, Øresundsvej 6, Cph S; 22...
According to the judge, the men used "brute force of a particularly crude character" (Photo: iStock)
Two men sentenced over brutal killing of taxi driver
Two men have been sentenced today to eight years in prison for the brutal a...
DMI has registered 84 storms and hurricanes in the past 55 years (photo: Anna/Flickr)
Stormy season coming to Denmark
Storm Gorm has just blown over the Danish kingdom, toppling trees and teari...