Mining Opportunities in the Arctic
The seminar, which was held at Gibson Hall in London, included a number of speeches from key industry decision makers, experts and organisations, from the UK, Norway, Greenland and Finland, who operate within the Arctic.
Two of the speeches of significant interest were 1) the "exploration and the potential for discoveries across the Arctic" which focused on the where, who, how and when; and 2) the speech relating to the "realities of mining in the Arctic", which examined the financial aspects, legal issues, risk and due diligence of mining within the area.
The seminar, and speeches, are particularly important as it came less than six-months after Greenland’s parliament voted to end a decades-long prohibition on mining for radioactive materials – a move which amongst others is set to open the Arctic up to future investors.
During a vote in October last year, Greenland’s parliament voted to give the go ahead for mining for uranium where this is a bi - product of rare earth mining; with the hope that the revenue received from mining will enable the country to develop welfare and jobs.
It is also hoped that the revenue raised from mining in the area, will help Greenland be less dependent on Denmark’s annual grant, which currently accounts for a substantial part of the islands budget.
Whilst the seminar last month provided advice for businesses looking at the possibilities of mining in the Arctic, for those businesses who wish to discuss the legal issues involved, our solicitors at Royds can assist.