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Be the first with the news that moves the market- Rare earth elements miner, Hudson Resources Inc (TSXV:HUD) has had its mineral exploration license obligations and expenditures waved until after the end of 2020
- The waiver is part of a government assistance scheme passed in Greenland to provide relief to mining companies, during the COVID-19 pandemic
- Hudson Resources operates the White Mountain anorthosite mine in Greenland, which has been operating in a limited capacity, due to the pandemic
- If further legislation passes, Hudson may also be able to access C$2 million previously put aside for environment purposes
- Hudson Resources Inc (HUD) is up 12.5 per cent, with shares trading for $0.09 and a market cap of $16.03 million
Rare earth elements miner, Hudson Resources Inc (TSXV:HUD) is receiving government assistance as part of Greenland’s mining relief initiative.
Due to the COVID-19 pandemic causing widespread operational slowdowns and suspension across the mining industry, The Greenland Government recently passed new assistance measures.
As a result, mineral exploration license obligations and expenditures have been waved until after the end of 2020.
Hudson resources operates the White Mountain anorthosite mine in Greenland, which has been operating in a limited capacity, due to the pandemic.
The company also holds a niobium exploration licence for the Sarfartoq property. Both of these properties have been positively impacted by the new government initiative, during the challenging time for the company.
Jim Cambon, President of Hudson Resources, appears relieved by the news.
“We want to thank the Government of Greenland for taking decisive action in response to the global impact of the Covid-19 pandemic.
This support from the government to the mining industry reinforces our position that Greenland is one of the best jurisdictions in the world to work in and we remain fully committed to building and growing our business here,” he said.
This is just the first initiative passed by Greenland’s government. Further talks are considering postponing administrative case handling expense, as well as releasing funds currently held for environmental purposes.
Hudson pointed out that is has around C$2 million held for such purposes, which could be made available if this legislation passes.
Despite the current shutdown, the company is hopes to recommence exploration at Sarfartoq later this year. However, this will be dependent on the evolving COVID-19 pandemic and the resulting government regulations.
Hudson Resources Inc (HUD) is up 12.5 per cent, with shares trading for $0.09 at 10:35am EST.
