The recent flood of media reports that billion kroner investments are on their way to Greenland from Chinese and South Korean mining companies are an exaggeration, according to Greenland’s premeir, Kuupik Kleist.

“There has been lot of guesswork, rumours and half-truths,” said Kleist at a hastily called press conference yesterday. “I will not go so far as to say that the stories were out and out lies, but I am anxious to clarify what is really happening.”

The Danish media reported that the South Korean government is ready, along with private investors, to pump 15 billion kroner into a mine at Kvanefjeld, where there is evidence of uranium, rare earths and other valuable minerals and metals.

“There is absolutely nothing to the story,” said Kleist. “We have not seen a single indication that that kind of money is on the way. In fact, the companies involved have called us to deny the stories.”

Kleist said that although it was true that several companies were exploring their options at Kvanefjeld, nothing had been decided.

Kleist also said that recent reports that Greenland was on its way to dropping its zero-tolerance policy on uranium mining were premature.

“I cannot put a date on when or if that will happen,” said Kleist. “I can say that we have not received any applications from companies that want to mine radioactive materials.”

For more articles about the emerging oil and mineral insdustry in the Arctic, visit the Greenland Oil & Minerals website.