Greenland Minerals

Date of inclusion: 10 March 2021
Share price on inclusion: $0.155

Date of exclusion: 22 April 2021
Share price on exclusion: $0.077

We are removing Greenland Minerals from Marc and Stuart’s Top Pick list. The 6 April 2021 election in Greenland resulted in a left wing government where the leading party in the new governing coalition campaigned against development of Greenland Minerals’s Kvanefjeld Rare Earths Mine. The outgoing government had been in favour. With the new government indicating that it does not favour Kvanefjeld to proceed as currently planned, Greenland Minerals may have a difficult time moving forward.

We had included Greenland Minerals in our Top Picks list on the reasonable assumption that, since Kvanefjeld had already had its Environmental Impact Assessment and the Social Impact Assessment reports approved by the government, the mine was in a position to move forward after negotiations with the incoming government. With anti-mine rhetoric stronger than we expected, we now think it will be a while before we see this progress.

It may take years of legal battling to get this project off the ground now, so we are taking our loss.