Another story about Lumina Sustainable Materials.. Now it does...

Another story about Lumina Sustainable Materials.. Now it does mention the Hudson Resource and as I recall in a much earlier post NEO PERFORMANCE Minerals has taken over the Sarfatog site. They are a Canadian Processor with a Plant in if I recall Estonia. The EU via Ursula has pumped Millions of Euros into the enlargement of this plant.....

So now there would be considerable pressure on Greenland to start delivering....

SERMITSIAQ JUNE 2024

RAW MATERIALS

Self-government takes its toll

Having an exploitation permit for raw materials does not automatically grant access to export. An example of this is Lumina Sustainable Materials A/S, which is prepared to supply the highly sought-after anorthosite. The company has now waited two years for a response to an application to sell the mineral to certain companies.

Can Greenland help supply raw materials for space research? Yes! At least that's what Lumina's managing director, Bent Olsvig Jensen, thinks.

During astronaut Andreas Mogensen and DTU Space's visit to Nuuk last week, Bent Olsvig Jensen was one of the presenters. He called his remarkable presentation "Greenland's contribution to activities on the Moon."

But whether the company will be allowed to contribute to lunar activities is by no means guaranteed. Even if the company has obtained exclusive exploitation permission for the mineral that can ensure the space travelers clothes and equipment that can withstand deadly radiation.

According to him, the Department of Raw Materials is indeed skeptical and almost distrustful of the company, to which they themselves have granted an exclusive exploitation permit, which over the next 50 years gives the company the right to extract the mineral Anorthosite (calcium feldspar) from the mine at Qaqortorsuaq (White Mountain), inside the Kangerlussuaq fjord in Greenland.

The wait is expensive

The company has so far spent around 90 million dollars (around half a billion Danish kroner) and since the takeover from Hudson resources in 2020 has developed and prepared the use of the exclusive exploitation permit.

- Now we have been waiting for two years for our latest application to get permission to sell our product to our partners abroad. This is because it is the only real possibility to be able to sell the mineral, seen in relation to the logistics surrounding the export of the mineral.

- Greenland is in a very remote location, we cannot, like for example Europe and the USA, simply make an agreement with shipping companies and order a ship and let it arrive in Greenland with an empty load, and let it sail out again with a half-empty load of minerals for individual and casual buyers, it's way too expensive for us. This is why we have chosen to bet on having fixed and secure agreements, and therefore submitted an application to be allowed to operate with certain partners, explains Bent Olsvig Jensen to Sermitsiaq.

Three auditors have approved the plans

Bent Olsvig Jensen can well understand that Naalakkersuisut would like to have straps and braces on when it comes to exporting minerals from Greenland. He believes that it is a legitimate concern that cash flow can be a challenge.

Therefore, the company has initiated an investigation into the business model with regular customers, which can also be equated with sister companies. And the self-government has the same, he says:

- We do not intend to let money flow out of the country through our exploitation and sale of the mineral as well as the products we would like to sell out of the country. Therefore, in accordance with the Natural Resources Act and in accordance with all laws and regulations, we have drawn up our business plan and had three audit firms to examine whether our business plan is conscientious and in accordance with the law. All three audit houses have given our plan the blue stamp, but just not self-directed, says Bent Olsvig Jensen.

Bent Olsvig Jensen and the company have been verbally informed by the self-government that the civil service will recommend that the company's application for export be rejected:

- I hope that Naalakkersuisut does not simply take note of the recommendation, because of course we are not out to cheat the Greenlandic society of values. But if we really want export promotion in the mineral sector, we all have to recognize that Greenland's location in itself is a challenge that we must work our way out of, says CEO of Lumina Sustainable Materials A/S, Bent Olsvig Jensen to Sermitsiaq.

Sermitsiaq is working to get a comment from the Ministry of Raw Materials and Naalakkersuisut on the current case.

"Compromise and Collaboration"

"Go Thor"