Signing with London Mining

Underskrivning af aftale

"This is indeed a historic moment for Greenland," says Minister for Industry and Minerals, as he today jointly with representatives from London Mining signed an agreement which means that London Mining gets an exploitation license for the iron potential of the Isukasia area.

"I'm really proud that the Government has been successful in carrying through the largest commercial project to date in Greenland. It will undoubtedly affect employment and state revenue in a very positive direction, "says a satisfied Jens-Erik Kirkegaard, Minister for Industry & Minerals, and reports that it is expected that the project will employ up to 3,000 people during the construction phase – and almost 750 people in the operation phase. Compared to other business ventures in our elongated society, it is a huge number of people.

According to the Minister for Industry and Minerals, it has been a long process before we can stand here today and sign the agreement. Greenland has for more than ten years intensified its efforts to become a mining nation. And with this agreement the first major steps have been taken in this direction. It has been hard work to reach this point.

"I would like to commend all those who along the way have contributed to seeing this exciting process through. Both the employees and London Mining, who all the way constructively has contributed to the creation of the agreement, for which I thank," Jens -Erik Kirkegaard says.

The agreement is historic in more than one respect. The agreement includes a royalty model, which has been important for the Government of Greenland.

"On behalf of the entire Government of Greenland I am pleased that we have crossed the finishing line fulfilling our great wish: the introduction of a royalty model", a happy Jens-Erik Kirkegaard announces.

The next phase is to finish negotiating the IBA Agreement. The agreement is to establish a series of goals for the participation of companies in Greenland, for Greenlandic labor and for gender equality, apprenticeships, training and upgrading of skills and staff development.

"An IBA agreement is a very important agreement because it helps to ensure that the project in a positive way is rooted in our society and especially in the community," says the Minister for Industry and Minerals.

With this license in hand, London Mining possesses a sound basis to seek external financing and finding foreign buyers of iron.

Speech by Jens-Erik Kirkegaard.