02/12/2008 - 10:43

Greenland uranium nod boosts Perth firm

02/12/2008 - 10:43

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Shares in West Perth-based Greenland Minerals and Energy have jumped 27 per cent after Greenland's parliament gave in principle support to uranium mining.

Shares in West Perth-based Greenland Minerals and Energy have jumped 27 per cent after Greenland's parliament gave in principle support to uranium mining.

In an otherwise bleak day for the Australian market, Greenland shares climbed seven cents to a brief high of 33c before cooling to settle at 29.5c at 12:50 AEDT.

The boost stems from the end of a parliamentary debate in Greenland over uranium mining, which forced the company to enter a trading halt last week.

Following confirmation from its lawyers, the company said the result of the debate indicated in principle support "towards easing the current zero-tolerance regulations" of mining uranium as a by-product.

The company is currently focused on its Kvanefjeld project which contains rare earths and uranium.

It said it will now continue with the project's pre-feasibility study.

 

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