Arctic Today reported that Greenland has stripped a Chinese mining company of its license to an iron ore deposit near the capital Nuuk, dealing a blow to attempts by Chinese companies to gain a foothold on the resource-rich Arctic island. The license was withdrawn because of inactivity at the site and failed to make the agreed guarantee payments. It will be offered to new interested companies once it has formally been handed back.General Nice, a Chinese coal and iron ore importer, took control of the Isua mine project in 2015, replacing previous owner London Mining, which went bankrupt. It was the first Chinese firm to have the right to exploit minerals in Greenland, which has attracted international interest as climate change has opened up waterways and access to the vast Arctic island’s mineral resources.London Mining, which obtained the exploitation license in 2013, had initially planned to hire some 2,000 Chinese workers to construct the project and aimed to supply China with around 15 million metric tonnes of iron ore a year. However, it failed to secure sufficient financing.
Arctic Today reported that Greenland has stripped a Chinese mining company of its license to an iron ore deposit near the capital Nuuk, dealing a blow to attempts by Chinese companies to gain a foothold on the resource-rich Arctic island. The license was withdrawn because of inactivity at the site and failed to make the agreed guarantee payments. It will be offered to new interested companies once it has formally been handed back.General Nice, a Chinese coal and iron ore importer, took control of the Isua mine project in 2015, replacing previous owner London Mining, which went bankrupt. It was the first Chinese firm to have the right to exploit minerals in Greenland, which has attracted international interest as climate change has opened up waterways and access to the vast Arctic island’s mineral resources.London Mining, which obtained the exploitation license in 2013, had initially planned to hire some 2,000 Chinese workers to construct the project and aimed to supply China with around 15 million metric tonnes of iron ore a year. However, it failed to secure sufficient financing.
