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  • Hudson Resources (HUD) hopes Greenland's move to potentially ban the mining and sale of uranium
  • Greenland has introduced a Bill to seek a zero-tolerance policy on the mining and sale of uranium
  • Hudson does not believe the proposed legislative changes will affect its Niobium Metallurgical Program
  • The company's Sarfartoq rare earth element project and Nukittooq niobium-tantalum project were granted an exploration license in 2020
  • Hudson Resources is down 21.43 per cent, trading at $0.11 at 11:03 am ET

Hudson Resources (HUD) hopes Greenland's move to potentially ban the mining and sale of uranium.

The country's recently-elected government recently prepared a draft Bill to ban uranium prospecting, exploration, and exploitation. The draft Bill has been introduced to seek a zero-tolerance policy on the mining and sale of uranium.

Hudson does not believe the proposed legislative changes will affect its Niobium Metallurgical Program.

The company's Sarfartoq rare earth element project and Nukittooq niobium-tantalum project were granted an exploration license in 2020.

The draft Bill specifically states that licenses already granted will not be affected by the new legislation.

The company's Sarfartoq rare earth element project and Nukittooq niobium-tantalum project were granted an exploration license in 2020.

Work to date has shown that the Sarfartoq Project does not contain elevated levels of uranium. The Nukittooq Project does have uranium values above background levels and the company will investigate how the uranium will be handled within Government guidelines.

"We believe that the proposed changes in the legislation as currently written will not impact our exploration projects in Greenland. We have built a strong working relationship with government and local communities and will engage in the consultation process. We are excited to continue to add value to our Nukittooq niobium-tantalum project while the increase in REE prices encourages us to further develop our Sarfartoq REE project which has over US$3B in neodymium and praseodymium defined to date.

Hudson wishes to capitalize on Greenland’s strategic location between the EU and North America and advance its portfolio of critical metals to provide a secure supply chain to these regions," said Hudson President Jim Cambon.

Hudson owns 100-per-cent of the Sarfartoq REE project and the high-grade Nukittooq niobium-tantalum project located on the Sarfartoq exploration license.

Hudson Resources is down 21.43 per cent, trading at $0.11 at 11:03 am ET.

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