The Rare Earths Monthly Metals Index (MMI) fell by 1.9% for this month’s reading, as the Greenland elections this week could have significant ramifications for a rare earths project in the country.
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Left-wing party against rare earths mine wins Greenland elections
Rare earths mining stood front and center in Greenland’s elections earlier this week.
The left-wing Inuit Ataqatigiit party with 37% of the vote, Reuters reported.
What does Greenland’s election have to do with rare earths? The prevailing party ran on opposition to a mining project at Kvanefjeld on the southern tip of the island.
On its website, Australia-based Greenland Minerals Ltd. could be the most significant source of rare earths in the Western world.
Kvanefjeld offers “massive bulk resources,” the firm indicates, in addition to access to year-round direct shipping.
However, the election result could prove to be a significant blow to the site’s prospects.
Reuters quoted party leader Mute Egede, who said the project “won’t happen.”