For those of you who are speculating or have any doubt as to what is going on, call the company, that's what the phone number is there for
The company are awaiting a clarifying statement - have you tried to get through to a gov department before? in Australia it takes 28 days just to get a letter to confirm that they got your letter! It's beaurecratic comunication, it takes time and can be exhuasting. Just be patient.
In a week or so we'll probably get official documentation from the government (not a news reporter) which says something along the lines of:
A) We still support Ux production as bi-product and look forward to seeing the outcome of your EIS. Any approval to mine would be cotingent on a positive outcome from the EIS, which is yet to be completed
B) We don't support Ux production, even as a bi-product. We have no basis to support this decision as you are yet to complete the EIS. We understand if you want to take your business elsewhere and invest in a country where the politicians are not oblivious to the needs of its people.
I think scenario A is more likely than scenario B
It's a wise move to suspend trading as we've all seen what negative speculation can do to a shareprice.
The board of GGG have maintained from the beginning that they want to do the right thing by Greenlanders. They have always followed through on such comments by using local business where possible, instead of out-sourcing. A resource of this scale will support the population for generations to come. However, this economic benefit should not come at the expense of the residents' health and safety. That's what the environmental impact study is for.
The EIS is not complete yet
So the mere thought of a politician, jumping the gun, and making premature conclusions which are not based on any facts whatsoever is quite frankly, very dissapointing. A project of this size will get Greenland out of debt, support the economy, give jobs to the people, and (given the metals involved) will support a greener future for the entire globe! If anything, I would have thought politicians would be doing whatever they could to support the company and go out of their way to help get the project off the floor - especially since what happens on Kvane mountain will dictate how other miners from overseas go about investing in (or avoiding) Greenland. I would suggest that the politician who made the comments is inexperienced and as mentioned before, is about to be taught a lesson in politics
GGG Price at posting:
36.5¢ Sentiment: ST Buy Disclosure: Held
