David:
Looks like thar's gold in Greenland. This is very, very bullish for gold because, er, more supply means the price will go, er, up. That's it. That's the ticket.
>>Greenland hopes gold mining will start next year
2/25/2002 11:29:27 AM
COPENHAGEN, Feb 25 (Reuters) - Greenland-Canadian venture Nalunaq hopes to start mining gold in Greenland next year if studies, due to be completed in mid-2002, prove the project is viable.
"We are working on a cost-benefit analysis to find out whether to go on with the project," Ole Christiansen, head of the Greenland partner NunaMinerals, told Reuters on Monday.
NunaMinerals owns 18 percent of Nalunaq, and Canadian mining company Crew Development Corporation (CRU) holds 82 percent.
Investment in production facilities is initially estimated at $25 million, Christiansen said.
Based on 2000 data, the gold deposit, located at the southern tip of Greenland, has measured and indicated resources of 360,000 tonnes of gold ore with a gold content of 292,000 ounces or 9,052 kg, Christiansen said.
Apart from that the mine has inferred resources of 1,177,000 tonnes with a gold content of 718,000 ounces of gold, he added.
Greenland's Bureau of Minerals and Petroleum holds high hopes that more minerals will be extracted in the Danish Arctic province, which has limited home rule.
"A gold mine may open in Southern Greenland next year and within a few years other mines might be a reality throughout Greenland," the bureau said in a statement.
Greenland's shrimp industry and halibut exports account for around 70 percent of the island's export revenues and apart from minerals Greenland hopes future oil exploration off its west will succeed and add strength to the island's economy.<< |
