Legislation amendments to ease exploration costs in Greenland

JOHANNESBURG (miningweekly.com) – Aim- and Frankfurt Stock Exchange-listed FinnAust Mining has welcomed changes to expenditure obligations for holders of minerals exploration licences in Greenland, which FinnAust said would result in cost savings for the company.

Under a newly issued addendum, the expenditure obligations for exploration licences from year 6 to year 11 will be reduced to a zero expenditure requirement for 2017. 

The decision by the Greenland government was made following extensive industry consultation and direct dialogue with licence holders in Greenland. “It’s a clear demonstration of Greenland's supportive approach to its emerging minerals industry,” FinnAust said.

FinnAust, which is working to advance its Avanaa licences, under new entity Disko Exploration, believes these assets have significant resource potential, and that the more favourable licensing environment will support their ongoing assessment.