re-reading Berthlesen's statements, it appears to me that he has jumped the gun in his comments. His focus is to open up the the other moly, zinc, iron, gold, diamond mines.
The zinc mine he refers to is not economic, the moly mine wont be in production any time soon since it will be near impossible to raise capital for it and Quadra hasnt got any plans to pursue it near term. Dont know about the other projects but there arent any that I know of which are approaching production in the near term. This leaves Kvajenfeld as the most prospective. The financial crisis and commodity slump will stall most if not all of the other projects leaving Greenland, a country that is effectively bankrupt, without any alternative other than to pursue this project if it plans to rely on natural resources to support its economy. I dont know how much this guy knows about mining but he seems to assume that since there are resources in the ground they automatically are viable and that the companies with these deposits are going to come running with bags of dollars.
Likewise, the environemntal implications of this project have not been considered appropriately since no environmnetal impact studies have been completed. So as far as I can tell he has come out and made conclusive statements based on his own opinions and not on fact. I think he is about to get a big lesson in politics, economics, and dealing with the media.
Next couple of weeks and months should be very interesting for GGG.
GGG Price at posting:
36.5¢ Sentiment: None Disclosure: Held
