The uranium is listed up after the nuclear resurgence. And a company wants to start extracting it in Greenland
While Trump Keep with your speech to buy Greenlandiamining remains prohibited in the country. However, this decision may change by imposition of a judge. Short. The Energy Transition Minerals (ETM) company, formerly known as Greenland Minerals, has filed a millionaire demand against Greenland for the care of his project at the Kvanefjeld site. The company has demanded that the mine be allowed to exploit or receive compensation of 11.5 billion dollars. The dispute has reached an international arbitration under the dispute resolution system between investors and states (ISDS). The competent court to resolve the case will be the one established under international arbitration agreements between investors and governments. In depth. The company acquired the rights to exploit the Kvanefjeld site. This reserve is one of the largest in the world not exploited that contains uranium and rare earths. However, in 2021, the Greenlandic government prohibited uranium mining. Currently, the lawsuit accuses the country of illegal expropriation and for the moment the case is in international arbitration, initiated in 2022, but has progress slowly due to prolonged disagreements about the procedure. This summer, the referees will decide if they must accept the case. If they do, it is likely to be resolved at the end of this year. Meanwhile, the decision is dividing the population with nearby elections that could change this resolution. The complaint system. This arbitration system, designed originally to protect foreign companies of abuse by governments, it has been increasingly used to demand the states that adopt environmental laws. In several cases, companies They have sought millionaire compensation for the closure of mining projects that considered profitable. In this way, international arbitration It has become In a lucrative area of international law, with multimillionaire payments to companies that require compensation for the losses attributed to regulatory or environmental changes. The history of uranium. Mining has meant a problem For Greenland for pollution. As of 1970, the first deposits of lead and zinc began to exploit, which has caused irreversible damage in the flora and fauna of the area. For this reason, when ETM acquired the rights to exploit the Kvanefjeld area in 2007, the local population was alarmed by the environmental impact it could cause in drinking water and in the farm farms. If the mine reopens. In case they return to work on the project, the exploitation would be done in the open, which implies removing large amounts of rock to extract terbio and neodymium, key metals to manufacture magnets in wind turbines and electric cars. However, in doing so, uranium would also be unearthed, which would generate radioactive waste. From the company itself, has explained to The Guardian that “will use the best environmental practices” whenever it is “technical, practice and financially.” The international game. While Greenland face again To the United States after the statements of the US president to “take the country in any form, now he will have to stay aware of how the trial on the exploitation of the Kvanefjeld site will be resolved. However, this sentence must be seen with magnifying glass, because the company Energy Transition Minerals (ETM) is partially owned by Shenghe Resources, a company backed by the Chinese government. So, Greenland is trapped between the interests of China and the United States. For its part, the government opposing uranium mining, demonstrating Your concern for the environment and the future of the sovereignty of the country. Image | Maggie & David Xataka | It is the fifth time that the US wants to buy Greenland from Denmark. If they asked on the island they would have it clearer
