On 30 April, the Government of Greenland approved a recommendation that aims to strengthen the mineral resources industry’s financial position and secure a continuous interest in mineral exploration in Greenland.
The Government of Greenland has approved two initiatives:
- Postponement of the quarterly payment for administrative case handling for expenses in connection with case handling of exploitation licences and advanced exploration licences. The payment will be postponed until the end of the second quarter 2021.
- Opportunity for partial reimbursement of funds held in escrow to licensees with such funds in place. The reimbursed funds must be paid back onto the escrow account within 2 years.
These approvals come as the Mineral Resources Authority and the Government of Greenland understand that the global COVID-19 situation has a major impact on the mineral resources sector and the existing licensees in Greenland. The Government has already approved the adjustment of the exploration obligations for 2020 to zero. These two additional initiatives approved on 30 April further help companies to retain their projects in Greenland in these challenging conditions.
For further enquiries regarding these adjustments and approvals, contact the Mineral Licence and Safety Authority at [email protected]