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Greenland Minerals announces trading halt

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(Kitco News) - Today Greenland Minerals (ASX:GGG) announced a trading halt on the Australian Stock Exchange.

Yesterday, Reuters reported that Greenland's new government, the Inuit Ataqatigiit party, will be halting Greenland Minerals' Kvanefjeld rare earth mining project.

The Inuit Ataqatigiit came out on top after a snap election.

On its website, Greenland Minerals describes Kvanefjeld as a large-scale rare earth project "...with the potential to become the most significant western world producer of rare earths." Over 1 billion tonnes of mineral resources (JORC-code compliant) have been delineated. The company also touted the project's location, less than 10km from tidewater, with year-round direct shipping access.

The company's largest shareholder is China's Shenghe Resources Holding.

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