Australia-based Greenland Minerals and Energy is set to develop its Kvanefjeld project after the Greenland and Danish parliaments passed legislation that will regulate uranium exports.
The project in Greenland is projected to produce uranium and its area has defined JORC code compliant resources of more than one billion tonnes containing 11.1 million tonnes rare earth oxide, as well as 593Mlb's U3O8.
Initially, the company plans to produce rare earth metals at the project, while uranium will be an important by-product.
The Greenland Government is currently evaluating an exploitation licence application for the project.
Greenland Minerals and Energy managing director Dr John Mair said: "The establishment of a regulatory framework within the Kingdom of Denmark to manage uranium exports from Greenland is an important prerequisite for Kvanefjeld's successful development.
"The parliamentary approvals that have completed this process represent a significant milestone, and set a solid foundation for Kvanefjeld's progress toward development.
"The developments provide a further demonstration of Greenland's efforts to support the resources industry and attract foreign investment."
Four bills were passed in Greenland's Parliament on 25 May to ensure that uranium mining and export is erfomed in accordance with Denmark's international non-proliferation commitments.
The Danish Parliament passed legislation on 2 and 3 June that creates the legal framework allowing Greenland to export uranium.
This is set to clear the way for international sales of uranium from the country in accordance with the conditions established by the legislation, which are set to come into force on 1 July.