BUSINESS OPPORTUNITIES IN PROJECT OVERVIEW 2018 2 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

BUSINESS OPPORTUNITIES IN GREENLAND PROJECT OVERVIEW 2018

Published by the Arctic Cluster of Raw Materials (ACRM) in collaboration with the Confederation of Danish Industry (DI), February 2018

di.dk/english

acrm.dk

Prepared by Up Front Communication ApS, Managing director Hans Bak UP Front COMMUNICATION APS

Up-North ApS, Managing director Martin Schjøtz-Christensen

The publication was made possible through the financial support of The of Greenland

Edited by Mads Qvist Frederiksen, Head of Secretariat, ACRM Photos: Hans Bak/UP Front Communication ApS: Page 14 and 57. : Page 60. Ivars Silis: Page 56. Kommuneqarfik : Page 45. Mads Pihl/Visit Greenland: Page 4, 6, 41 (bottom) and 42 (bottom). Petter Cohen, Xtravel/Visit Greenland: Page 42 (top). Rebecca Gustafsson/Visit Greenland: Page 41 (top). Print: Kailow Graphic A/S ISBN 978-87-7144-135-2 (print) 250.02.2018 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 3

ARCTIC CLUSTER OF RAW MATERIALS

The Arctic Cluster of Raw Materials (ACRM) is established by Greenland Business Asso- ciation (GE), The Confederation of Danish Industry (DI) and the Technical University of (DTU). The cluster was originally funded by the Danish Industry Foundation (IF).

Purpose ACRM is a platform for companies with interests, experience and competences within the extractive industries. ACRM’s main purpose is to strengthen the competitiveness in Greenland and Denmark in the industry and contribute to sustainable growth and employment in both countries. To obtain this goal, ACRM will build up and support busi- ness cooperation, industry consortia and business concepts. Also, ACRM will provide technology and skill enhancement for Danish and Greenland companies in the Arctic extractive industries, especially in Greenland.

Activities ACRM will work closely with strategic knowledge-exchange networks, academia and industrial innovation processes. The establishment of consortia within the extractive industries and support industries will secure both the level of competences in the mar- ket and prepare companies for the industry standards, contracts, certification and other necessary requirements. This will be achieved through conferences, round table discus- sions, industry seminars and workshops in Greenland etc.

Member Requirements Members of ACRM commit to share their knowledge and competences with other mem- bers to make sure the industry cluster will be a visible platform, which can promote Dan- ish and Greenland companies on a high political and commercial level.

Members will get access to all cluster activities, including exhibitions in Canada and workshops in Greenland. 4 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 5

FOREWORD

The Arctic is a unique place to do business in and from. The four million people living in the region are spread around countries like Canada, Russia and the USA – and at the centre of them all is Greenland. There are many potential business opportunities across the region. Whether it is fishing, tourism, mining or infrastructure, the projects are there and so are the ambitions. Companies working in the Arctic will have to consider the in- genious people who has inhabited the region for thousands of years as well as the planet when doing business in the Arctic. Here, the UN Sustainable Development Goals have an important role to play in guiding strategies and ensuring social licenses to operate. At a regional level, the Arctic states and other international actors are increasingly engaging in the region making it a venue for both cooperation and competition over economic and security interests.

The Sustainable Development Goals offer a good framework for cooperation in the Arctic. The universal terminology allows for the public and the private sector to set direc- tions and ensure sustainable economic development.

Economic development is important in the Arctic. The region should not only be associ- ated with protective national parks but also as a place for doing business, making new investments and seizing unique opportunities. Obviously, climate change has a particu- larly strong impact on the vulnerable region. Yet, the global temperature increase allows new economic opportunities in the Arctic through new seaways, tourism and access to resources. Climate changes are influencing the melting of permafrost and ice caps as well as being increased through feedback loops in the Arctic.

This report takes its departure in the Arctic mineral extraction industry and highlights the current prospects and developments in one arctic state: Greenland. It showcases some key facts about Greenland’s administration and legislation as well as operational insights. But most importantly, it gives you an extract of the main investment opportuni- ties found in Greenland’s mineral rich underground.

The report is developed by the Arctic Cluster of Raw Materials (ACRM), which is an EU accredited cluster of excellence comprising of Danish and Greenlandic enterprises. ACRM provides company profiles and industry information on Greenland in all phases of the mining life cycle.

To learn more about ACRM, please check our webpage at www.acrm.dk

We hope you will enjoy the report.

Mads Qvist Frederiksen Head of Secretariat, ACRM 6 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 7

CONTENTS

8 A Nationless area in the Arctic 11 New Arctic shipping routes 12 The Arctic Circle and Greenland

15 OPERATING IN GREENLAND 17 Greenland at a glance

18 MINERALS AND HYDROCARBONS 19 The Public Administration 22 Mining projects 22 Existing and potential mining projects in Greenland 24 ¶ Greenland Ruby 26 ¶ Hudson Greenland 28 ¶ Ironbark Zinc 30 ¶ TANBREEZ Mining Greenland 32 ¶ Greenland Minerals and Energy 34 ¶ General Nice Development 36 ¶ North American Nickel 37 ¶ Alopex Gold 38 ¶ FBC Mining 39 ¶ Dundas Titanium 40 ¶ Alba Mineral Resources

43 INFRASTRUCTURAL DEVELOPMENT PROJECTS 44 Collaboration and Investments 45 Selected infrastructure projects in key figures 46 ¶ Sikuki – Harbour 47 ¶ Kalaallit Airports 47 ¶ Mittarfeqarfiit 48 ¶ Nuuk (Kalaallit Airports) 49 ¶ Airport (Kalaallit Airports) 50 ¶ Airport (Kalaallit Airports) 51 ¶ Tasiilaq Airport (Mittarfeqarfiit) 52 ¶ Airport (Mittarfeqarfiit) 53 ¶ – upkeep, new port and road to 54 ¶ Siorarsiorfik – Nuuk City Development

56 HYDROPOWER AND CLEAN ENERGY 58 Hydro plants in Greenland

59 KEY ORGANISATIONS 61 OUTLOOK 62 SOURCES 8 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

A NATIONLESS AREA IN THE ARCTIC

The Arctic covers an area of about 14.5 million km2 of The 1982, United Nations Convention on the Law of which some parts are currently outside existing terri- the Sea (UNCLOS), however, entitle states to extend torial boundaries. The Arctic states (Canada, Russia, their territorial demands if they can prove their con­ Norway, the USA and the ) are all work- tinental shelf reaches beyond 200 nautical miles. ing to extend their territorial rights in the North. This will grant them an exclusive right to exploit natural resources on and below the seabed. Exclusive The efforts are rooted in a wish to establish rules fishing rights are not part of UNCLOS. for shipping in the area and to benefit from the raw material deposits that may be found there. The latter Danish Submissions to UNCLOS is, however, currently of less significance, partly The Kingdom of Denmark has submitted three because the raw materials located outside current partial submissions relating to Greenland to the territorial boundaries are difficult to access, and part- Commission in 2012, 2013 and 2014. On 15 Decem- ly because it is assessed that 80 per cent of the Arctic ber, 2014, the third partial submission – regarding raw material deposits are found within already estab- the area north of Greenland – was submitted cover- lished boundaries. ing an area of 895,541 km2. The partial submission for Greenland from June 2012 concerned the area Exclusive Economic Zone (about 114,929 km2) south of Greenland and the All states are currently allowed to establish an exclu- partial submission November 2013 concerned area sive economic zone 200 nautical miles off their coast- (about 61,913 km2) northeast of Greenland from. line. Within this zone, they have the exclusive right to explore and exploit the natural resources in the sea, on the seabed and subsoil, and to any economic opportunities that may arise. The states are also per- mitted to enforce environmental jurisdiction in their zone. BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 9

Existing boundaries Nationless area Lomonosov Ridge

Source Nordregio

US

R

C

N P

N

I S I

Nationless area in the Arctic 10 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

North West Passage North East Passage Central Arctic shipping route

N P

New Arctic shipping routes BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 11

NEW ARCTIC SHIPPING ROUTES

Container ships using the Northern Sea Routes The North East Passage is particularly interesting across the Arctic can cut the length of their journey from a European perspective. A trip from Rotter- by 40% compared with travelling via the Suez Canal. dam to Yokohama north of Russia is only 8,500 km, New shipping routes are gradually opening up as the or 12,000 km shorter than through the Suez Canal. sea ice in the Arctic region retreats. In the past, it The trip from Rotterdam to Vancouver north of Rus- was only safe for ships to sail along the Northern Sea sia is 12,500 km, or 3,500 km shorter than through Route in the summer time but in December 2017, the Panama Canal. The North West Passage is open the first tanker sailed unassisted from South Korea to for shipping roughly every seven summers, but is the Sabetta liquefied national gas (LNG) terminal in expected to be navigable every second summer from northern Russia. 2050. The route across the Arctic Ocean is not yet open for shipping, but navigability is expected to The volume of Arctic sea ice hit record lows in increase gradually so that by 2050 the area will be January 2017. This will significantly reduce sailing open during four months of the summer. This could times between Asia and Europe/America. Since 90 potentially make Iceland a hub for transport between per cent of international trade is shipped by sea, new West America/Asia and Europe/East America. In and shorter shipping routes will have an enormous 2017, a new super habour finished construction in impact on global trade. With the Arctic shipping the capital of Greenland, Nuuk, and new partnerships routes, the shipping industry will be able to reduce with ports and shipping companies in north America its exposure to many of the challenges it is faced with are being explored today. These include bottlenecks in congested wa- ters around the Suez Canal, the Panama Canal and Extreme Conditions the Strait of Malacca as well as the safety problems Shipping in the northern regions, however, is not related to piracy. On the other hand, new challenges without challenges, particularly in relation to the un- appear in relation to crews and equipment having to predictable weather conditions. Storms, icebergs and deal with harsh weather conditions and drifting ice- extreme temperatures are just some of the circum- bergs – even in the summer. stances which both equipment and crews must be able to handle. Shipping in the area is therefore highly Three Shipping Routes demanding in terms of safety. One consideration is The Arctic region basically offers three shipping routes: the vulnerable Arctic environment and another is the °° The North East Passage north of Russia between fact that an accident in Arctic regions may have fatal Europe and Asia/West America consequences for the crew since it may take several °° The North West Passage north of Canada days for help to reach the position. Therefore, cooper- between East America and Asia/West America ation between countries is of crucial importance. °° The Central Arctic shipping route across the North Pole accessing to Europe and East America from Asia/West America. 12 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

THE ARCTIC CIRCLE AND GREENLAND

The Arctic is currently going through major changes Infrastructure and is increasingly attracting international atten- Greenland is an example of a frontier Arctic region tion. Climate changes combined with technological with limited mining infrastructure and challenging progress present new challenges and opportuni- physical circumstances, yet it has a quite well-devel- ties for the Arctic and its population. The recent ten oped infrastructure compared to many other Arctic year period has been the warmest ever recorded in states and regions and is experiencing a significant the Arctic, and the region is expected to have icefree increase in mining activity. summers within the next 30 – 40 years. Beyond exist- ing and prospective petroleum resources, deposits Licenses in the Arctic of other mineral resources are substan- For instance, the number of mineral related licens- tial by any standards. Yet, many known reserves of es has increased from 23 in 2002 to 120 in 2017. In minerals are not exploited because they are found in short, Greenland’s extractive industry is a fine min- areas to which access is poor or very difficult. ing jurisdiction with favourable geology, a promining population and a government recognising the mineral White Ocean resource industry to provide important future income Looking at the primary mining areas in Greenland, it is and jobs, no minority land rights issues and a govern- a “White Ocean” of potential. It is not that Greenland ment take that is internationally competitive has not been mined before. The extractive industry in Greenland has been a part of the country’s economy Main Projects since the 1850s, with mining of cryolite, lead, olivine In the following, we go a step deeper and analyse the and gold. most promising mineral projects in Greenland as well as the main infrastructure development. Each project Greenland has a major potential in the known geolog- is described in the same way so it is easy to capture ic occurrences along the coastline. What is under the the key figures. is, however, largely unknown. BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 13

V Alaska U.S. C

Russia

Alaska North Slope, Chukchi Sea Beaufort Sea, & Arctic National Wildlife Refuge Mackenzie Delta Canada S

N W T

N T

N U Oil fields in Pechora & Yamal Megaproject N Greenland N

S S Norway

Iceland Finland

Faroe Islands Sweden

Primary mining areas Largest mining areas Oil and gas production Potential oil and gas reserves 1

Mining and oil activities in the Arctic Source Nordregio 2

14 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 15

OPERATING IN GREENLAND

On a global comparison, Greenland presents a stable ly, some structural and infrastructural challenges political and legislative system with a general low risk are present, but so is the country’s drive towards business environment on par with other developed solving them – an endeavour based on industrial Western and Nordic countries. The challenges of a development within minerals, infrastructure and lightly populated vast country in an Arctic and Sub- housing development, hydropower and green tech- arctic environment are naturally present, not unlike nology, as well as growth in established industries conditions found in regions of e.g. Canada, Alaska, (fishing and tourism) and more. And an endeavour Russia or Norway. As indicated in the GREENLAND that will require local and inbound investments alike BENCHMARKING REPORT 2016, Greenland gener- and create opportunities for a wide range of compa- ally scores well on several principal macroeconomic nies. and business environment performance indicators. Educational Institutions Strong Economy Greenlandic students have options for both mid Greenland has gone from a negative to a positive and in Greenland, but also enjoy growth in gross domestic product (GPD) in recent full access to the Danish educational system. The years (+1.7, 2014 to 2015). The economy foundation (Ilisimatusarfik), The Build- is still highly dependent on the incomes from a single ing schools (KTI) including The Arctic Technology industry (fishing) and a yearly grant from Denmark. Centre (ARTEK) along with the country’s trade and There are, however, positive benchmarking factors. services schools generally have good ties with inter- The general government gross debt is low in Green- national educational institutions and seek collabora- land and at a GDP around 15,000 M DKK, Greenland tion opportunities with relevant businesses. In 2017, represents a small economy, but also one well posi- ARTEK inaugurated larger facilities in Sisimiut under tioned to engage the global lending market. Bench- their “Vision 125”, marking a reinforced focus on marked against comparable nations, Greenland is engineering in the Arctic region. The Greenland less indebted by far. In terms of inflation, Greenland School of Minerals and Petroleum and The Greenland generally scores well with an annual inflation of 0.3 Maritime Centre are examples of another two educa- per cent (January 2017), which is within the range of tional institutions striving to tailor courses towards optimal preferred national inflation rates. skills needed in their respective sectors.

On the Move Recognisable Legislation Perhaps Greenland has unfairly received somewhat Legislatively, Greenland is comparable to the Nordic negative presumptions in terms of business and in- countries, especially Denmark. Though not a member vestment climate, but serious companies looking of the EU since 1985, much of the legislative frame- for new ventures and investment opportunities will work applied to trade has been updated recently do well to look past any bias when seeking growth (2014 – 2017) to closer match the legislative frame- and development opportunities in Greenland. Clear- work of Denmark and the EU. The basis is a two court 16 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

system with options for appeal on a shared responsi- company. Harbour berth, depth and sea bunker- bility with the Supreme Court in Denmark. ing options vary, but generally services adhering to MARPOL standards are available. In total, there are Communications 16 city ports and 60 smaller settlement harbours in The 4,600 km fibre optic cable running from New- conjunction with 14 airports, seven heliports and 37 foundland to Iceland has since 2009 connected to helistops. the capital of Nuuk and the southern city of Qaqor- toq. Combined with almost 50 radio transmitting Friendly Business Environment stations on the west coast and satellite connections The majority of large companies in Greenland are for the eastern and the most northern regions, this either completely or partially state owned. Privately links Greenland internally and to the rest of the world held small and medium sized companies are predom- in terms of tele infrastructure. Adding to this, the fibre inant in the business landscape. There are several cable has through 2017 been extended north to reach options to start or conduct business in Greenland – the cities of , Sisimiut and . Further- and even more are expected with amendments to the more, radio transmission stations have been added Companies Act originally due to be instated January and signals have been amplified on several locations. 2017, but this date has been pushed back in accord- Cell phones, Internet and social media are widely ance with the need for other related legislative up- used and common. Unpopulated areas generally dates. In general, inbound companies can choose require iridium phones. Currently, there is only one between setting up a subsidiary, a registered branch supplier of telecommunication/internet in Greenland office, a representative office or a taxable entity. – the publicly owned TELE Greenland, which plans to invest a collective sum of 800 M DKK in digital infra- Personal income tax in Greenland is not incremental structure going towards 2020. related to earnings, but is at a flatrate of either 42 or 44 per cent depending on which of the five Air and Seabased Transportation municipalities the taxpayer is eligible in. Corporate Transportation to/from and within Greenland is tax is generally 30 per cent plus a surcharge of six per either by air or sea. The population is spread around cent, except for license holders within the extractive the 44,087 km coastline, primarily living on the west industries, where incentives policies offer an effective coast. Larger cities have paved roads, but no cities tax of 31.8 per cent. Greenland has a limited number are yet connected by such. Denmark, mainly Copen- of import duties, but no VAT system. hagen, and Reykjavik, Iceland to some degree, serve as hubs for international air traffic. Larger cities are Open for Business reachable by plane; smaller settlements and remote Greenland-based companies typically hold decisive locations by helicopter. International flights main- local knowhow and the experience to solve a wide ly connect to Kangerlussuaq (west) and to Narsar- range of tasks – be it auditing or legal consulting suaq (south). North Atlantic flights via Reykjavik also needs, services and supply, catering, transportation connect to Kulusuk and Constable point (east), Nuuk or construction. Many international companies have and Ilulissat (west) and to . Goods are local branch offices and numerous local companies primarily shipped via Denmark (currently Aalborg) have strategic ties and/or affiliations to international with a few options via Canada and Iceland. Shipping partners, helping even smaller locally centred offices patterns are however changing with a future, more to punch well above their weight. globally focused, strategy from the national shipping BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 17

Greenland at a glance

Official name Kalaallit Nunaat (Greenland)

Capital Nuuk

Institutional system Parliamentary democracy (self-governing country within the Kingdom of Denmark)

Area 2,166,086 km2

Currency (DKK)

Official languages Kalaallisut (Greenlandic), Danish

Religion Evangelical Lutheran

Ethnic groups Born in Greenland – 89.7%, born outside – 10.3% (2016)

Population 55,860 (Jan. 2017)

Urban population 48,248 (Jan. 2017)

Source: 18 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

MINERALS AND HYDROCARBONS

Hydrocarbon focused operations are currently at quantities and included coal, marble, lead, zinc, silver somewhat of an adjournment. A combination of and cryolite (plus uranium related to research at the declining crude oil prices and a challenging Arctic Risø Institute). In recent years, olivin and gold have environment seems to have stifled the offshore inter- been quarried. Notable mining endeavours include: est. In 2011, the most recent appraisal drilling was /cryolite (1854 – 1987) 3,700,000 (t) ore; carried out by Capricorn (Cairn Energy) off the west Qullisat/coal (1924 – 1972) 570,000 (t); Mestersvig/ coast, but the company did not strike commercial lead and zinc (1956 – 1963) 545,000 (t); Maarmori- quantities. Though some stakeholders have farmed lik (Black Angle)/lead, zinc and silver (1973 – 1990) out or relinquished their off shore licenses, several 11,300,300 (t); Seqi/olivin (2005 – 2009) 1,200,000 major oil and gas companies still retain exploration (t); Nalunaq/ gold (2003 – 2013) 680,000 (t) – 11 (t) fields in Greenland. Proactive license policies have gold. been instated by the government and seismic surveys are still pursued off the coast of northeast Greenland. Mineral licenses Call for tenders on licenses blocks and “open door” As of 5 February 2018, six (exclusive) licenses are procedures for certain areas are presented at two to granted for mineral exploitation. Three of these three years’ intervals going towards 2018. Landbased represent active operations, whereas the other three searches have seen additional attention with onshore are either subject to further exploration/analysis by licenses granted in Jameson Land and a recently new stakeholders or put on standby due to feasibil- prepared Strategic Environmental Impact Assess- ity forecasts and market conditions. Almost 60 (ex- ment regarding Disko Island and the clusive) licenses for mineral exploration are granted, Peninsula. As of February 1 2018, 13 (exclusive) to which could be added numerous nonexclusive and exploration and exploitation licenses are granted for small­scale license categories. While some are more hydrocarbons, two of which cover onshore areas. or less dormant, others see serious investments in However, six of these licenses are currently being exploration as operations move close towards an ap- surrendered. A similar number is seen for non­ plication for an exploitation license. exclusive prospecting hydrocarbon licenses – howev- er most of these nonexclusives are due to expire. Typically, license holder information is updated twice a month and a yearly activity report is published by Mining is not new in Greenland the Ministry of Mineral Resources, but it is advisa- Although Greenland is not an established mining ble to attend related conferences/seminars and join nation per se, the country is not unfamiliar with an relevant networks/membership organisations to gain active mining industry: Coal mining in Greenland information on current and projected activities. dates back as far as the late 18th century, while smaller quantities of graphite, copper, gold, silver and zirconium was mined from the mid to late 19th century. Mining in the 20th century produced greater BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 19

The public administration

Previously and formally known as the Bureau of Detailed information is available Minerals and Petroleum (BMP), the Greenlandic Online means are available to stakeholders seeking authority on natural resources (oil, gas and miner- detailed geological and geophysical information and als) comprises different entities under the Ministry of data on Greenland’s mineral or hydrocarbon resourc- Mineral Resources (MMR) and shares related es: Greenland Mineral Resources Portal, run jointly responsibilities with the Ministry of Industry, Labour, between MMR and GEUS and Greenland National Trade and Energy and the Ministry of Nature and Petroleum Data Repository, respectively. Geological Environment. One may encounter references to maps, publications and additional data can also be the BMP in documents or rapports predating 2013, found at the GEUS website. referring to the former administrative organisation. Regulation Representing a small administrative size, bottle- Activities in relation to Greenland’s natural necks may ensue within periods of peak activity, but resources, both minerals and hydrocarbons, are the stages towards obtaining an exploratory permit highly regulated. All significant activates must be or settling on an exploiting agreement reflect well­ reviewed and approved before any prospecting, regulated public sector principles known in western exploration or exploitation can be initiated. List of nations. fees and indepth information is accessible at the website Govmin.gl, but the typical steps towards an Strategy 2014 – 2018 operating business include obtaining an exploration Greenland’s oil and mineral strategy 2014 – 2018 is license, reporting on field activities, reporting on still in effect at the moment, but is due to be updated. geological findings and financial statements. Exten- Currently, the Mineral License and Safety Authori- sive and potentially intrusive exploratory activities ty (MLSA) and the Environment Agency for Mineral may even require an Environmental Impact Assess- Resources Activities (EAMRA) both support the core ment report (EIA) followed by a public hearing. Some obligations related to the responsibilities of the MMR. distinctions apply to the processes related to hydro- Typically, the specific legislative framework under­ carbons and minerals. The focus will be on mineral pinning the sector, including strategic and resource related activities in the following paragraph. marketing related efforts, is formed and revised through the MMR. There is a vested focus on promot- Social and Environmental Impact Assessments ing the country’s natural resources to the extractive The process from exploration to exploitation will in- industry, which includes securing both a reasonable volve both a Scoping Study, a preconsultation, public ROI for private parties and a fair government take – meetings, an Environmental Impact Assesment (EIA) simultaneously making sure that regulations on en- and a Social Impact Assessment report (SIA). The re- vironmental and social impacts follow international ports need to provide a comprehensive outline of the best practices. 20 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

project, opportunities, impacts and mitigating activi- building and knowledge transfer; onsite/incountry ties. Whilst license holders tend to hire independent processing, energy decisions and infrastructure; thirdparty consultancy to prepare the reports, the EIA sociocultural values and traditions; as well as intern- and SIA are considered to be the licensee’s reports. ships, training and education and decommissioning. Draft reports will be studied and reviewed by the ap- propriate government authorities followed by a public A signed IBA predates the final political approval of hearing of at least eight weeks. Following this, the fi- plans for exploitation, development and closure/ nal reports and a White Paper, addressing questions decommissioning. No construction work (related to brought up through the process, must be prepared exploitation) can be initiated before the final approval. and made available to the public. General language requirements entail reporting in Greenlandic, English Small scale mining licenses are only granted to and Danish. Greenlanders (five years’ permanent/taxable residents) and are usually limited in terms of scope Impact Benefit Agreements and investment needs. Parallel to the White Paper preparations, the Impact Benefit Agreement (IBA) negotiations will Governing legislation, procedures/standard terms, commence. The negotiations are conducted as rules for fieldwork/reporting, guidelines for EIA threeparty negotiations between the license holder/ (2015) and SIA (2016) and more are available at the private company, the Government of Greenland and Govmin.gl website. the appropriate ministries and municipality(ies). High priority items within the IBA negotiations include Signed IBAs are found under publications at the local content (recruitment of Greenlandic labour and .gl website. engaging Greenlandic business); longterm capacity

BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 21

Involvement of stakeholders throughout the process

START Scoping Study, collection of base­line data and draft Pre-consultation Terms of Reference (35 days) (project description)1 2

Submission of draft SIA and Terms application for of exploitation Reference 4license 3

Public Preparation consultation of (minimum White Paper eight5 weeks) 6

Impact Final SIA, Benefit White Paper and Agreement IBA negotiation 8(IBA) 7

§ 16 Decision exploitation license on political § 19, 43 and 86 approval approvals

9 10 END

The formal SIA process The Social Impact Assessment process-path towards final approval 22 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

MINING Alba Mineral Resources Inglefield Land Thule Copper, gold, cobalt Heavy mineral sands Iron ore PROJECTS and nickel (ilmenite) Status: Assessment Status: Exploration Status: Exploration of of previously drilled Existing and potential of a recently granted two recently granted project benefiting licence area licence areas covering from a JORC mining projects in a coastline prospec- resource tive for heavy mineral Greenland sands, containing deposits of ilmenite

Dundas Titanium Dundas Ilmenite Exploration related employment: Approx. 40 Status: SIA and EIA expected to be FBC Mining completed early 2018. Construction of plant and infrastructure planned to Maarmorilik commence in 2018 Zinc and lead mine Operated by Greenex (1973 – 90) Former employment: Approx. 350 Status: Further exploration at formerly operating mine site

North American Nickel Maniitsoq Nickel, copper, cobalt and PGE Exploration related employment: Approx. 40 Status: Highly active yearly exploration campaigns since 2011

Greenland Ruby Aappaluttoq Ruby and pink sapphire Greenland Minerals and Energy Expected employment: Approx. 50 Exploration expenditure: Not disclosed Kvanefjeld by Greenland Ruby at this time Rare Earth Elements (REE), uranium Capital cost: Ibid. and zinc Total operating cost: Ibid. Expected employment: Status: Initial operation commenced Construction: Approx. 2,000 May 2017 Operation: Approx. 800 Exploration expenditure: Approx. 75 M USD Capital cost: Approx. 832 M USD Status: Pre-hearing has been approved. Process is ongoing. BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 23

Ironbark Zinc

Citronen Fjord Hudson Resources Zinc and lead Naajat/White Mountain Mine Expected employment: Construction: Approx. 300 Anorthosite Operation: Approx. 470 Expected employment: Exploration expenditure: Approx. 50 M Construction: Approx. 20 USD Operation: Approx. 60 Capital cost: Approx. 429.3 M USD Exploration expenditure: Approx. 30 Total operating cost: Approx. 3.43 B USD M USD Status: Construction expected 2019 Capital cost: Approx. 34 M USD Status: Construction commenced 2016 with production expected in the second half of 2018

General Nice Development Exploitation license previously held by London Mining Greenland (LMG) ISUA Iron Expected employment: Construction: Approx. 3.300 (Based on LMG data 2010 – 12) Operation: Approx. 850 (Ibid) Capital cost: Approx. 2.35 B USD (Ibid) Operating cost: 46 USD/(t) at 15 Mtpa (Ibid) Status: Project on standby

Alba Mineral Resources

Amitsoq Former high-grade graphite mine TANBREEZ Mining Greenland Status: Ongoing exploration at formerly Kringlerne operating mine site and new Kalaaq discovery Tantalum, Niobium, Rare Earth Elements (REE) and Zirconium Expected employment: Construction: Approx. 140 Alopex Gold Operation: Approx. 80-350 Exploitation license previously held Exploration expenditure: by Angle Mining Approx. 45 M USD Nalunaq Status: Applied for exploitation licence Goldmine March 2012. Operated by Crew Gold Corporation Negotiations are still ongoing (2004-08) and by Arctic Mining (2010-13) Former employment: Approx. 60 Status: 2017 Summer programme successfully delivered on the targets 24 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

Greenland Ruby

Aappaluttoq Ruby and pink sapphire Expected employment: Approx. 50 Exploration expenditure: Not disclosed by Greenland Ruby at this time Capital cost: Ibid. Total operating cost: Ibid. Status: Initial operation commenced May 2017

Aappaluttoq is Greenland’s first gem corundum mine. Gemstones as a commodity are set apart, even from The minesite and state-of-the-art processing facilities the precious metals entering the jewellery industry. are built and run by LNS Greenland A/S (LNSG) while The business model and marketability depend on Greenland Ruby A/S hold the license and administer stone qualities, characters, carats and cutting/ marketing and sales. Together with the Greenlandic polishing, more than pure yield. Tracking and venture capital company Greenland Venture and documentation of Greenlandic origin is planned in The Bank of Greenland, LNSG and Greenland Bank order to brand for market penetration and attest secured the necessary financing in order to finalize gems as ethically mined. Ruby and gemstone prices the infrastructure at the mine and subsequently and sales are trending upwards, with India and China enable ruby and sapphire production. emerging as markets equivalent to U.S. market.

Greenland Ruby gems are mined by adhering to strict ¶¶ Services required/business opportunities: ethical, social, human rights, and environmental laws °° Transport of goods and staff and responsible practices. After mining, the company °° Services to the camp transports the gems to Greenland Ruby’s advanced °° Provision of fuel sorting facility, where they are cleaned and sorted. °° Provision of goods and food °° Provision of technical services etc. Gems can be tracked along every step of their jour- ney, from mine to sort house; to preferred partners’ ¶¶ Staff /jobs: workshops for treatment, cutting, and polishing; and °° Approx. 50 at the mine and in Nuuk then on to jewelry designers, manufacturers, brands, °° The Aappaluttoq mine is expected to operate retailers and end consumers. year round. BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 25

Company: LNS Greenland A/S (LNSG ) is a Greenlandic contracting company who operating the mine and processing facilities at the Aappaluttoq Mine. Greenland Ruby A/S (GR) is a newly founded gemstone mining company who carry the license. The sister companies LNSG and GR are group companies under the Danish registered Greenland Ruby DK ApS (GRDK). GRDK is owed by Rana Gruber AS in Norway with more than 90 % ownership and Greenland Venture A/S in Greenland

Website: www.greenlandruby.gl

Chairman of the Board in LNSG, GR & GRDK: Mr. Gunnar Moe

Managing Director GRDK: Mr. Magnus Kibsgaard

Managing Directors LNSG & GR Greenland: Mr. Peter Chr. Madsen / Mr. Finn K. Mortensen

LNSG & GR office: Nuuk, Greenland

Exploitation licence: ‘2014/21’ – 2044. Granted 10 March 2014 / Approval 23 Sep- tember 2014. Transferred from True North Gems Greenland to LNSG 3 October 2016

Site: 17 km2 – Aappaluttoq – SW Greenland – Municipality: Sermersooq

Deposit & mine: Corundum (ruby/pink sapphire) – Small open pit (approx. 150 m x 200 m)

Resource: Not disclosed by Greenland Ruby at this time

Current estimated operation: 2015 – 2035 (incl. construction – expansion possible)

Estimated exploration expenditure: Not disclosed by Greenland Ruby at this time

Estimated total capital cost: Ibid.

Estimated total operating cost: Ibid.

Total estimated sales revenue: Ibid.

Other properties: 2008/01 (80 km2); 2008/01 (38 km2); 2016/18 (N/A)

Status: Operation commenced May 2017. Shipment planned for the second half of 2018 26 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

Hudson Greenland

Naajat/White Mountain Mine Anorthosite Expected employment: Construction: Approx. 20 Operation: Approx. 60 Exploration expenditure: Approx. 30 M USD Capital cost: Approx. 34 M USD Status: Construction commenced 2016 with production expected in the second half of 2018

Hudson Resources has maintained interests in um (16 per cent max). The deposit will support mine Greenland since 2002, exploring for diamonds, rare life in excess of 100 years and the business model earths and, more recently, industrial minerals in the rests upon three potential revenue streams from one form of anorthosite (calcium feldspar). The project operation. Demand is upward trending with Asia is a simple mining operation similar to a rock quar- (China), the US and the EU representing primary mar- ry, with primary processing/grinding onsite to pro- kets. Global production (2012) estimated at 10.8 B duce feed product for use in making structural fiber- USD. glass. Finer milling off site has the potential to create higher value products for the industrial minerals ¶¶ Services required/business opportunities: sector for paints and coatings. Hudson has signed a °° Transport of goods and staff tenyear supply agreement with market leading fiber- °° Services and construction to the camp and glass producer Owens Corning. Hudson has financed facilities construction through a combination of debt and °° Provision of fuel equity. °° Provision of goods and food °° Provision of technical services etc. Three main industrial applications for the Naajat anorthosite have been identified by Hudson: Feed- ¶¶ Staff /jobs: stock to the highend fiberglass (E-glass) industry; new °° Approx. 20 for construction and 60 once source of alumina to supply aluminium smelters; and operational. new source of filler material (component in the plas- °° Mining season expected to be nine months/ tics and paints industries). The anorthosite at Naajat year, processing plant ten months/year. is rated very high for industrial use, containing a high content of aluminium (33 per cent max) and calci- BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 27

Company: Hudson Greenland A/S is the operating subsidiary of Hudson Resources Inc., a junior exploration and mining company focused on anorthosite (calcium feld- spar) and Rare Earth Elements (REE). Shares trade on the TSX Venture Exchange [HUD]

Website: www.hudsonresources.ca

Board Chairman: John Hick

President, Director: James Tuer

Hudson Resources office: Vancouver, BC, Canada

Exploitation licence: ‘2015/39’ – 2045. Granted 11 September 2015 / Approval 24 September 2015

Site: 92 km2 – Naajat (White Mountain) – W Greenland – Municipality: De- posit & mine: Anorthosite (calcium feldspar) – Small open pit (approx. 300 m x 400 m)

Resource: 60 M (t) Current estimated operation: 2015 – 2035 (incl. construction – expansion possible)

Estimated exploration expenditure: 30 M USD. Estimated total capital cost: 34 M USD Estimated total operating cost: Confidential. Total estimated sales revenue: Confidential

Estimated exploration expenditure: 30 million USD Estimated total capital cost: 25 million USD Estimated total operating cost: Confidential Total estimated sales revenue: Confidential

Other properties: 2010/40 (92km2) (Sarfartoq/REE); 2013/01 (146km2); 2012/38 (N/A)

Status: Construction commenced (September 2016). Operation and shipment planned for the second half of 2018 28 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

Ironbark Zinc

Citronen Fjord Zinc and lead Expected employment: Construction: Approx. 300 Operation: Approx. 470 Exploration expenditure: Approx. 50 M USD Capital cost: Approx. 429.3 M USD Total operating cost: Approx. 3.43 B USD Status: Construction expected 2019

The remotely situated Citronen area presents one of ¶¶ Services required/business opportunities: the world’s largest undeveloped zinclead deposits. °° Transport of goods and staff Ironbark is proposing to develop three mining °° Services and construction to the camp and deposits within the area, with an onsite facility for facilities crushing, grinding and flotation processing to pro- °° Provision of fuel duce mineral concentrates of zinc and lead. Concen- °° Provision of goods and food trates will be shipped offsite to Iceland or another °° Provision of technical services etc. northern European port and subsequently to a third- party smelter for refining. Glencore and Nyrstar are ¶¶ Staff /jobs: project shareholders and have committed to 70 per °° Approx. 300 for construction and up to 470 cent offtake agreements. MOU has been signed with once operational. China Nonferrous regarding lump sum construction and commissioning, with 70 per cent associated debt ¶¶ Mining season: funding and 20 per cent direct project investment. °° All year round °° Shipping window to area approx. mid-July to Zinc stock levels are declining with major producers mid-September. closing mines. Demand is forecasted to rise towards 2025, and price is projected an upward trend scenario, with both global markets and demand from China. Lead and zinc concentrates are traded on the global market permitting annual negotiations bench­ marking pricing amongst smelter, miners and metal markets. Zinc is the fourth most used metal globally. BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 29

Company: Ironbark Zinc Ltd. is a junior resource company focused on development of major base metal mining projects (lead and zinc) in Greenland and Australia. Shares trade on the ASX Exchange [IBG]

Website: www.ironbark.gl

Board Chairman: Peter Bennetto

Managing Director: Jonathan C. Downes

Ironbark Zinc office: Subiaco (Perth), WA, Australia

Exploration licence: ‘2007/02’ – 2016 via Bedford (No 3) Ltd. (Owned 100 per cent by Ironbark)

Site: 120 km2 – Tarsarneq (Citronen) – N Greenland – Municipality: N/A

Deposit & mine: Zinc; lead – Underground & Open pit

Resource: 70.8 M (t) at 5.7 per cent Zn+Pb

Current estimated operation: 2017 – 2033 (incl. construction – expansion possible)

Estimated exploration expenditure: 50 M USD

Estimated total capital cost: 504 M USD

Estimated total operating cost: 3.42 B USD

Total estimated sales revenue: 5.56 B USD

Other properties: 2007/31 (130 km2); 2007/32 (122 km2); 2007/33 (69 km2); 2010/47 (94 km2); 2011/28 (5 km2); ‘2011/33 (155 km2)’; 2016/22 (114 km2)

Status: Exploitation Licence Approved. Construction and Mining expected to commence 2019 30 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

TANBREEZ Mining Greenland

Kringlerne Tantalum, Niobium, Rare Earth Ele- ments (REE) and Zirconium Expected employment: Construction: Approx. 140 Operation: Approx. 80-350 Exploration expenditure: Approx. 45 M USD Status: Applied for exploitation licence March 2012. Negotiations are still ongoing

The project represents a significant multielement at overcoming perceived monopolies in commodities deposit including perhaps the largest REE and tan- like tantalum, rare earths, yttrium and even niobium, talum deposit in the world. Tanbreez is proposing to the demand for REE is expected to surpass current separate the ore into three saleable components pri- supply. Prices have settled since the 2010/11 bubble or to shipping. These are eudialyte (the source of the and are trending up. Ta, Nb, REE and Zr), arfvedsonite and feldspar. The company is hoping to be able to sell 97 per cent of ¶¶ Services required/ business opportunities everything mined, potentially making this mine °° Transport of goods and staff unique. Due to high costs in Greenland, further °° Technical services downstream processing of the eudialyte will not be °° Construction and operating camp possible. At present, the company is awaiting a and facilities pending agreement on the exploitation license before °° Provision of fuel/food and other goods it can finalise offtakes, financing arrangements and °° Recruitment service contracts. °° Educational services

Tantalum is very stable and used in alloys due to ¶¶ Staff/jobs for stage 1: its resistance to corrosion, as well as in capacitors °° Approx. 140 in construction and 80 in electronic equipment. Niobium shares many when operational, rising to 250 in stage properties and application purposes with Tantalum. 3 in a 3 M t/year option Zirconium is a light metal resistant to corrosion and °° A further 50 – 100 may be needed for is also used in alloys, advanced ceramics and in the downstream processing of other products space industry. Tanbreez has spent considerable and administration of offshore processing funds on research into downstream processing aimed facilities, marketing etc. BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 31

Company: Tanbreez Mining Greenland A/S is a junior resource company wholly owned by Rimbal Pty Ltd, which is an Australian company owned by the Barnes Family Trust. The company is focused on a multi element deposit of Tantalum, Niobium, Rare Earth Elements (REE) and Zirconium in Greenland. Shares are not publicly traded

Website: www.tanbreez.com

Owner, Chief Geologist: Greg Barnes

Tanbreez Mining Greenland office: S Perth, WA, Australia & Nuuk, Greenland

Exploration licence: 2006/04 Site: 18 km2 – Killavaat Alannguat (Kringlerne) – S Greenland – Municipality:

Deposit & mine: Tantalum, Niobium, REE & Zirconium – Open pit

Resource: 4.8 B (t)

Current estimated operation: Ten years (expansion possible)

Estimated exploration expenditure: 45 M USD

Estimated total capital cost: Not disclosed

Estimated total operating cost: Not disclosed

Total estimated sales revenue: Not disclosed

Other properties: 2010/24 (44 km2); 2007/45 (50 km2) (Ivittuut) – both via Rimbal Pty Ltd.

Status: Applied for exploitation licence March 2012. SIA and EIA hearings completed late 2013. Negotiations on the application for a 0.5 M t/year operation are currently ongoing (Oct. 2016). Long term plans of extension to 1.5 M t/year and 3.0 M t/year have as yet not been applied for 32 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

Greenland Minerals and Energy

Kvanefjeld Rare Earth Elements (REE), uranium and zinc Expected employment: Construction: Approx. 2,000 Operation: Approx. 800 Exploration expenditure: Approx. 75 M USD Capital cost: Approx. 832 M USD Status: Pre-hearing has been approved. Process is ongoing.

The project represents a significant multi element The matter is subject to further political discussions deposit including perhaps the second largest REE following any application for uranium exploitation, deposit in the world, as well as significant uranium such as GME’s. Looking ahead, the uranium market and zinc deposits. Build-Own-Operate discussions is expected to grow significantly. China has a heavy for third party infrastructure financing are current- dominance on the current production and stock piling ly ongoing with the government of Greenland and a of REE, why the US, the EU and others may look for major European multinational conglomerate special- alternative suppliers for a strategic pipeline stream. ises in power provision. As of 23 September 2016, REE are finding increased uses within greentechs and Chinese Shenghe Resources Holding Ltd., has agreed, consumer products. The demand for REE is expected through 99.99 per cent owned subsidiary Le Shan to surpass current supply. Prices have settled since Shenghe Rare Earth Co Ltd., to subscribe for 125 M. the 2010/11 bubble and are trending up. ordinary shares in GME to take a 12.5 per cent hold- ing, pending approval prior to 30 November 2016. ¶¶ Services required/business opportunities: °° Transport of goods and staff The issue of uranium mining, Greenland’s previous °° Services and construction to the camp zerotolerance policy and the geopolitical aspects of and facilities the resource involving the Danish government have °° Provision of fuel been and are significant aspects when addressing this °° Provision of goods and food resource. Legislative agreements between Greenland °° Provision of technical services etc. and Denmark have been passed allowing Greenland to export uranium under international safeguard ¶¶ Staff /jobs: protocols. Greenland has signed a parliament bill °° Up to 2,000 jobs during construction on the safeguard of nuclear materials and export of and up to 800 once operational uranium. BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 33

Company: Greenland Minerals and Energy Ltd. (GGG) is a junior resource company, focused on Rare Earth Elements (REE), uranium and zinc in Greenland. Shares trade on the ASX Exchange [GGG]. Greenland Minerals and Energy A/S (GME) is the Greenlan- dic subsidiary of GGG

Website: www.ggg.gl and www.gme.gl

Director, Board Chairman: Anthony Ho

Managing Director: John Mair

Greenland Minerals and Energy Ltd. office: Subiaco (Perth), WA, Australia

Greenland Minerals and Energy A/S office: , Greenland

Exploration licence: 2010/02

Site: 80 km2 – Ilímaussaq (Kvanefjeld) – S Greenland – Municipality: Kujalleq

Deposit & mine: REE, uranium, zinc – Open pit

Resource: 1 B (t)

Current estimated operation: 2017 – 2056 (incl. construction etc. – expansion possible)

Estimated exploration expenditure: 75 M USD (2012)

Estimated total capital cost: 832 M USD

Estimated total operating cost: Not disclosed

Total estimated sales revenue: Not disclosed

Other properties: N/A

Status: Pre-hearing has been approved. Process is ongoing 34 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

General Nice Development

ISUA Iron Expected employment: Construction: Approx. 3.300 (Based on LMG data 2010 – 12) Operation: Approx. 850 (Ibid) Capital cost: Approx. 2.35 B USD (Ibid) Operating cost: 46 USD/(t) at 15 Mtpa (Ibid) Status: Project on standby

The project representing a major, largescale, iron ore ¶¶ Services required/business opportunities: endeavour is currently on standby. Mining, process- °° Transport of goods and staff ing to slurry and pipeline to port facility was planned °° Services and construction to the camp and in 2012, when London Mining Greenland applied for facilities exploitation rights. Since the dismantlement of its °° Provision of fuel mother company (London Mining) and overtake from °° Provision of goods and food General Nice Development, the feasibility prospect °° Provision of technical services etc. has not supported commercial value of production under current iron ore market prices. ¶¶ Staff /jobs: °° Up to 3,300 jobs during construction With current iron pricing, the project should be and up to 850 once operational viewed as a longterm strategic investment from the General Nice Group. Iron ore has been in a case of oversupply and cost production lowering, but a rise in demand may also be in the horizon. Representing a serious investment, General Nice Group and investors will be on the lookout for solid upwards movements to solidify in iron ore prices before initiating opera- tion expenditure at Isukasia. China still represents a major market for iron import and will likely look to secure sourcing for needed commodities including those for steel making. BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 35

Company: General Nice Development Ltd. is part of the General Nice Group which en- gages in three main businesses: mineral resource investment, minerals trading and real estate investment. Shares of group subsidiaries trade on related exchange venue

Website: www.generalnice.com

Founder, Chairman: Cai Sui Xin. CEO, Executive Director: Yu Lau

General Nice Development Ltd. office: Sheung Wan, Hong Kong, China

Exploitation licence: 2013/31 – 2042 Granted 24 October 2013 (London Mining Greenland)

Site: 290 km2 – Isukasia – W Greenland – Municipality: Sermersooq Deposit & mine: Iron – Open pit Resource: 1,1 B (t) Current estimated operation: 15 – 20 years (incl. construction – expansion possible)

Estimated total capital cost: 2.35 B USD Estimated total operating cost: 46 USD/(t) at 15 Mtpa (resource and fiscal information: based on LMG data 2010 – 12)

Status: Project on standby. Exploitation licenses granted to previous licensee; London Mining Greenland A/S, now owned by General Nice Development. Indirect transfer of license approved by the Government of Greenland, late 2014. IBA and final approval to be concluded

Estimated total capital cost: 2.35 billion USD Estimated total operating cost: 46 USD/(t) at 15 Mtpa (resource and fiscal information: based on LMG data 2010 – 12)

Other properties: N/A

Status: Project on standby. Exploitation licenses granted to previous licensee; London Mining Greenland A/S, now owned by General Nice Development. Indirect transfer of license approved by the Government of Greenland, late 2014. IBA and final approval to be concluded 36 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

North American Nickel

Maniitsoq Nickel, copper, cobalt and PGE Exploration related employment: Approx. 40 Status: Highly active yearly exploration campaigns since 2011

North American Nickel have been highly active Chairman: John Sabine in Greenlandic since 2011, completing extensive exploration including airborne, ground and borehole CEO, Director: Keith Morrison geophysical surveys as well as a large satelliteborne remote sensing survey and almost 30,000 meters North American Nickel office: North Vancouver, BC, of diamond drilling. Successful equity financing Canada through committed investment partners has provided a wellfunded platform to support robust exploration Exploration licence: 2011/54 (2,689 km2), 2012/28 programs in Greenland. Nickel is closely tied to steel (296 km2) and 2015/30 (N/A) demand with prices fluctuating relative to global industrial trends. Global demand has a strong corre- Site: Maniitsoq (2011/54 + 2012/28) – West lation with China’s manufacturing industry. Greenland – Municipality: Qeqqata

Nickel, copper and cobalt Company: North American Nickel Inc. [NAN] is a Deposit: junior resource exploration and development com- pany, focused on nickel, copper, cobalt and PGE in Estimate exploration expenditure to date: Greenland, Canada and the United States. Shares 57 M CAD trade on the TSX Venture Exchange [NAN]. The Sen- tient Group owns approximately 64 per cent of NAN Status: NAN has completed its seventh con­ secutive year of exploration on the property and is focused on providing size potentials and building Website: www.northamericannickel.com tonnage at several zoned deposits BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 37

Alopex Gold

Nalunaq Goldmine Operated by Crew Gold Corporation (2004-08) and by Arctic Mining (2010-13) Former employment: Approx. 60 Status: 2017 Summer programme successfully delivered on the targets

Alopex Gold is a Greenland focused gold mining com- Website: www.alopexgold.com pany working towards restarting production at the 100% owned Nalunaq Gold Mine in the Nanortalik President and CEO: Eldur Olafsson Gold belt in Southern Greenland. Nalunaq historically produced more than 350,000 ounces at an average Office: Toronto, Canada and Reykjavik, Iceland grade of 15g/t with costs of USD530/oz between 2004 and 2009. It hosts highgrade NI 43 – 101 com- Exploitation licence: 2003/05 (22 km2) Nalunaq pliant resources (263koz Au @ 18.7 g/t) with exciting nearmine and regional exploration targets with an Exploration licence: 2006/10 (435 km2) (Vagar) exploration potential of 1.2M oz. There is an exploita- and 2015/17 (78 km2) (Tartoq) tion licence and significant investment by the previous owners to establish the existing infrastructure includ- Prospecting licence: 2017/45 covering West Green- ing an underground processing plant, a nine km long land, in this context defined as areas south of 78ºN road and a port facility which means the corporation and west of 44ºW is in a position to fasttrack its development activity. It also owns the Vagar Exploration Licence compris- Site: Nalunaq gold mine (2003/05) – South Green- ing three subareas targeting mineralisation along the land – Municipality: Kujalleq Nanortalik Gold Belt, an Exploration Licence at the early exploration stage at Tartoq property and a Pros- Deposit: Gold pecting Licence covering West Greenland. Status: 2017 Summer programme successfully de- Company: Alopex Gold Inc. is a new public Green- livered on the targets set out in the June 2017 IPO landfocused gold company engaged in the identifi- prospectus allowing Alopex Gold to move forward cation, acquisition, exploration and development of and plan a more intensive drill programme through gold properties in country. The corporation’s shares Summer 2018 to expand the current resource, are listed on the TSX Venture Exchange under the deliver a PEA and further derisk the path towards AEX ticker TSX:V:AEX restarting production in 2019 38 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

FBC Mining

Maarmorilik Zinc and lead mine Operated by Greenex (1973 – 90) Former employment: Approx. 350 Status: Further exploration at formerly operating mine site

FBC Mining has completed further exploration at the Company: FBC Mining Ltd. is a junior resource com- formerly active Maarmorilik mine site. A wellknown pany focusing on exploitation of gold, zinc and lead area of substantial and exceptionally highgrade zinc­ in Greenland, at a previously operating mine site. lead mineralisation with an existing exploitation Shares are not publicly traded licence and surrounding exploration licence. There is a long successful mining history at the Black Angel Website: www.fbcmining.com mine in the Maarmorilik Zinc District – a total of 11.2 Mt grading 12.4% zinc and 4.2% lead mined over 17 Managing Director: Eldur Olafsson years. There is a substantial exploration potential to locate new resources of a similar order of magnitude Office: Bourne, Eng, United Kingdom as previously mined and more than 200 mineralised showings are recorded in the area, some with simi- Exploitation licence: 2008/29 (52 km2) lar style and grade to the Black Angel mineralisation. Some grab samples grade more than 40% zinc. Exploration licence: 2010/45 (102 km2)

With zinc mine closures globally, the zinc price is Site: Maarmorilik zinc district (2008/29 & 2010/45) trending upwards. Current infrastructure allows – Northwest Greenland – Municipality: fast track to production and includes harbour, camp buildings, hangars and a six km long underground Deposits: Zinc and lead tunnel in the Nunngarut Plateau. Estimate exploration expenditure to date: 57 M CAD

Status: Further exploration is ongoing at formerly operating mine site BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 39

Dundas Titanium

Dundas Ilmenite Exploration related employment: Approx. 40 Status: SIA and EIA expected to be completed early 2018. Construction of plant and infrastructure planned to commence in 2018

Dundas Titanium is the operating company for Bluejay Bluejay Mining office: London, Eng, United Kingdom Mining which has been present and active in Green- land for more than 10 years. With a fastpaced devel- Exploration licence: 2015/08 opment programme underway, Bluejay is focused on advancing Dundas into production in 2018. Having Site: 68 km2 – Dundas (Moriusaq & Itelak) proven the grade quality of Dundas, Ilmenite Project, – N Greenland – Municipality: Avannaata work is now underway to prove its size potential. The project promises high grade ilmenite characteristics Deposit & mine: Ilmenite, on and offshore beach planned to be dug and processed from raised and ac- sediment excavation tive beaches as well as dredged from drowned beach- es. Primo February 2018 the company announced a Resource: 23.6 M (t) at 8.8% ilmenite (in situ), capital raise of 24 M USD via ordinary shares. Ilmenite including a highgrade zone equal to 7.9 M (t) at is the primary ore of titanium and there is a expected 14.2% ilmenite continued need from world markets. Current estimated operation: Not disclosed Company: Bluejay Mining Plc. is a junior resource exploration and development company primarily Estimated exploration expenditure: Not disclosed focused on ilmenite, but also with interest in nickel, Estimated total capital cost: Not disclosed copper, platinum, lead, zinc and silver in Greenland Estimated total operating cost: Not disclosed and Finland. Shares trade on the London AIM Market Total estimated sales revenue: Not disclosed [JAY] and dually on the Frankfurt Stock Exchange 2 [S5WA] Other properties: 2017/01 (28 km ); 2011/31 (107 km2) (Kangerluarsuk) & 2012/29 (194 km2) (Disko) Website: www.titanium.gl both through Disko Exploration Ltd.

SIA and EIA expected to be completed Chairman: Mike Hutchinson Status: early 2018. Construction of plant and infrastruc- ture planned to commence in 2018 CEO, Director: Rod Mclllree 40 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

Alba Mineral Resources

Inglefield Land Copper, gold, cobalt and nickel Status: Exploration of a recently granted licence area

Thule Heavy mineral sands (ilmenite) Status: Exploration of two recently granted licence areas covering a coast- line prospective for heavy mineral sands, containing deposits of ilmenite

Amitsoq Melville Bay Former high-grade graphite mine Iron ore Status: Ongoing exploration at formerly Status: Assessment of previously drilled operating mine site and new Kalaaq project benefiting from a JORC resource discovery

Alba Mineral Resources has been active in Greenland Website: www.albamineralresources.com since 2015. Extensive work has been undertaken at the highgrade Amitsoq graphite project where, along- Executive Chairman: George Frangeskides side the former producing Amitsoq mine, Alba has discovered a new graphite zone, Kalaaq. Graphite is Office: London, Eng, United Kingdom the anode material in lithiumion batteries and there- fore a key commodity in the electric vehicle sector. Site and exploration licenses: Amitsoq Graphite 2013/16 (146 km2) – Southern Greenland – Munic- Since 2017, Alba has added three projects to its ipality: Kujalleq held by Obsidian Mining Ltd. Thule Greenlandic portfolio: Inglefield Land (multicom- Black Sands 2017/29 (186 km2) & 2017/39 (104 modity); Melville Bay (iron ore); and Thule Black km2) – North-West Greenland – Municipality: Avan- Sands, where highgrade ilmenite has been identified naata. Inglefield Land 2017/40 (82 km2) – North- across several kilometres of coastline in North-West West Greenland – Municipality: Avannaata held by Greenland. Ilmenite is the primary source of titanium White Eagle Resources Ltd. Melville Bay (2017/41) dioxide, used as a pigment in plastics, paints, (354 km2)– North-West Greenland – Municipality: coatings and paper. Avannaata held by White Fox Resources Ltd in a 51%:49% joint venture Company: Alba Mineral Resources Plc. is a natural resources company with a diversified asset and Deposits: Ilmenite, graphite, iron ore, copper, gold, investment portfolio. In addition to its exploration cobalt and nickel assets in Greenland, Alba holds interests in the United Kingdom onshore oil and gas sector and Status: Alba and its group of companies are recently acquired 49 per cent of the Clogau Gold focused on moving their high quality portfolio Project in Wales. Alba shares trade on the AIM of exploration projects in Greenland into the market of the London Stock Exchange [LON: ALBA] development phase BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 41 42 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 43

INFRASTRUCTURAL DEVELOPMENT PROJECTS

Infrastructure development in Greenland is still a key In relation to the mineral industry, the view that issue. Focus is set towards harbour facilities, airports Greenland is isolated and logistically difficult in terms and runway expansions, urban development, energy of operating can be challenged by the fact that there needs and building methodology as well as building are several natural advantages to the country’s layout materials. Certain projects have been completed in and position; Greenland is centrally placed between recent years – e.g. Sisimiut’s modernised harbour fa- the European and North American markets. Condi- cilities of 2013 and Sikuki – Nuuk Harbour of 2017. tions and climate are generally not unlike Arctic and Housing/building renovation and construction is on- Subarctic areas where successful mining is already going through both private and public contractors, ongoing. Shipping and port facility potential are also with a strengthened focus on low maintenance and apt for many of Greenland’s deep fjords, delivering inorganic materials. logistical benefits in terms of transportation. With shipping possibilities via the Northwest Passage – Urbanisation and a demographic shift towards larger initially navigated by a commercial vessel in 2008 – towns play into the plans for development. There is a the access to Asia’s markets is also set to become net emigration from Greenland, but a net internal mi- much more cost efficient. gration from smaller settlements to larger towns. In terms of transportation needs and tying the country together, harbours and airports naturally play a vital role. Harbour modernisation is central in Greenland, since advancements here supports dominant sectors such as fishing and cargo shipping. Furthermore, harbour berth improvements are an important aspect as it relates to ferries and especially cruise ships in Greenlandic waters.

Of the infrastructural advancements planned or projected in Greenland, few – if any – are getting as much attention as the proposed airports and runway exten­sions, based on the decision of 2 December 2015. Not only do the structures them- selves present a sizeable engineering and construc- tion assignment, but great expectations are tied to the spillover effects of improved airbased transportation connecting towns directly to inter­ national markets. The benefits are tangible for a range of trade and commercial sectors. 44 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

Collaboration and Investments

Public funding by the Greenlandic treasury alone Investment scenarios via private partners or/and is not an option if the wanted infrastructural funds (e.g. the EU, pension or venture) are being development projects are to be initiated and com- looked into by the Government of Greenland as well pleted. Looking ahead, from 2018 to 2020, the as the municipalities. Investor cases may come to government of Greenland will be pressed to leverage include not only airports and harbours, but also new all projects in terms of public spending. Hence, the call housing areas, renovation of current buildings, and for investments and viable financial models for ven- dorm rooms/colleges. tures with investment partners, is currently subject to much consideration. Public-Private-Partnerships Due diligence efforts and a thorough breakdown of (PPP), Public-Private-Cooperation (PPC) and similar potential investments schemes behind the respective models have been presented by advisory parties projects are to correlate with presentations of relevant at seminars in both and Nuuk. Such investment opportunities and business cases. Hence, investment models and partnerships are well contract tenders, actual construction and potential established in e.g. the United Kingdom and Den- tenders for operation following these infrastructural mark, and may – tweaked to suit local conditions and projects could still be some time away. As such, 2018 legislative framework – provide the necessary or parts of it, may be a time of planning, negotiations, economic leverage to materialise some of the plans preparation and hopefully signed agreements. for new infrastructure. Small and medium sized Greenlandic based Private investors will look towards equity, revenue engineering and construction companies will look streams and certainty surrounding legislative frame- towards tenders including manageable subcon- work and agreed documents. Initially, the crux of the tracts and/or partnerships with larger international matter will be the ability to present attractive and partners. Inbound international contractors can well managed business cases to capital investors and do well in establishing partnerships will local operating companies, whilst at the same time companies to get onsite know-how. Some public ensuring the public contractor is guaranteed a ful­ contract stipulations may also necessitate a certain filment of functional requirements. Risk management amount of local content in workforce and/or business and wellbalanced contractual agreements satisfying partnerships. all the involved shareholders will be at the centre of any successful and lasting venture towards the development of Greenlandic infrastructure through private investments. BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 45

Selected infrastructure projects in key figures

Ilulissat Airport Collective estimated construction cost: 3.6 B DKK [Nuuk, Ilulissat and Qaqortoq] Currently anticipated Ittoqqortoormiit runway: 2200 m/ Airport Collective estimated construction cost: 800 – 1.400 M DKK [Tasiilaq and Ittoqqor- toormiit] Currently anticipated Kangerlussuaq runway: 650 m/ – runway upkeep, Regional airport new port and road to Sisimiut Runway: 150 million DKK ATV road: 22 million DKK Harbour: 50 million DKK

Nuuk Airport Collective estimated Tasiilaq Airport 3.6 B construction cost: Collective estimated DKK [Nuuk, Ilulissat and construction cost: Qaqortoq] 800 – 1.400 M DKK Currently anticipated [Tasiilaq and Ittoqqor- runway: 2200 m/ toormiit] International airport Currently anticipated runway: 1500 m/ Nuuk Harbour North Atlantic airport Construction cost: Approx. 60 M USD A total area of 47,320m2 with a terminal capacity of 3,290 TEU Qaqortoq Airport Collective estimated construction cost: 3.6 B Nuuk City DKK [Nuuk, Ilulissat and Development Qaqortoq] Collective estimated Currently anticipated construction cost: runway: 1500 m/ 5 B DKK North Atlantic airport

Source: Estimates for airports financial needs based on information in proposal to Greenland’s 2018 Finance Act. Further restrictions apply to baseline estimates. 46 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

Sikuki – Nuuk Harbour

Nuuk Harbour Construction cost: Approx. 60 M USD A total area of 47,320m2 with a terminal capacity of 3,290 TEU

The company Sikuki Nuuk Harbour A/S was founded The capital base is based on government funding, 23 December 2013. through equity and loans as well as external financ- ing, the latter (and primary) part via Pareto Securities The purpose is to construct, own, operate and investment 1Q 2015. develop harbour areas in Nuuk and to perform related business activities. Prequalification proceedings were Board Chairman: Lars Erik Karlsson completed in 2014, with tender proceedings ending 31 October 2014 for a turnkey contract. Construction CEO: John Rasmussen commenced 1Q 2015. New buildings and construc- tion include 310 m quay at 13 m of depth and 50 m at Website: www.sikuki.com 8 m of depth. A total area of 47,320 m2 with a termi- nal capacity of 3,290 TEU and ability to receive and Total cost of construction: Approx. 59,2 M USD operate container vessels of up to approx. 2,500 TEU. Adding to this is refrigerated/freezer storage; a 1,250 Main construction contractor: Per Aarsleff m2 warehouse and a 1,200 m2 workshop building. As a Greenland ApS new model for Greenlandic harbours, commercial use and access to some facilities from foreign vessels will Status: Inaugurated 22 September 2017 entail ship dues and payments on services delivered. BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 47

Kalaallit Airports Mittarfeqarfiit

As of 1 July 2016, the government of Greenland es- Mittarfeqarfiit, Greenland Airports, provides services tablished the company Kalaallit Airports A/S. The to a number of aircraft operators, the Greenlandic mandate of Kalaallit Airports is to undertake the society and private companies. All in all, that means needed technical and market related studies. And managing the complete air transportation of passen- following, to be part to negotiations and agreements gers and cargo in Greenland, divided between 13 air- concerning investments and financing regarding the ports and 46 helipads (and two hotels). Currently this potential airports and runways of Nuuk, Qaqortoq still includes Nuuk, Ilulissat and Qaqortoq airport. and Ilulissat. The airport company Mittarfeqarfiit Besides the planned upkeep at the current inter­ currently still runs and operate Greenland’s airports national airport of Kangerlussuaq, the Government and will continue to handle the countries other of Greenland plans for no less than seven additional airports. airports for to replace current helipads in Tasiilaq, Ittoqqortoormiit, , , Kan- EIA hearings were initiated for Ilulissat and Nuuk air- gaatsiaq, Narsaq and Nanortalik. Tasiilaq is planned port projects primo 2018. Public spending is estimat- as an international airport whereas Ittoqqortoormi- ed at around 1 – 1.6 B DKK, thus leaving room for for- it, like the other five, is planned as a regional 650 eign investments – e.g. through PPP-models. Public m gravel landing strip. These later two have both financing needs for Nuuk and Ilulissat are estimated been bestowed conclusive locations aa well as an at 25 – 33%, whereas Qaqortoq is expected to need a early price estimated – notably higher than previous substantial higher degree of public financing. estimates.

Board Chairman: Johannus Egholm Hansen Administered by: The Ministry of Municipalities, Settlements, Outlying Districts, Infrastructure and CEO: Steffen Ulrich-Lynge Housing

Website: www.kair.gl CEO: Marie Fleischer

Collective estimated construction cost: 3.6 B DKK Website: www.mit.gl [Nuuk, Ilulissat and Qaqortoq] Collective estimated construction cost: 800 – 1.400 Status: EIA hearings commenced. Construction M DKK [Tasiilaq and Ittoqqortoormiit] of all three runways estimated completed by late 2022 Status: EIA hearings expected in 2018. Constructions estimated completed by 2021 48 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

Nuuk Airport (Kalaallit Airports)

Nuuk Airport Collective estimated construction cost: 3.6 B DKK [Nuuk, Ilulissat and Qaqortoq] Currently anticipated runway: 2200 m/ International airport Status: Construction expected to commence late summer 2018

The capital of Greenland may receive a modernised Currently anticipated runway: 2200 m/ airport and an extension of the current 950 m run- Inter­national airport way, which only accommodates smaller propel based fixedwinged aircrafts and helicopter traffic. Interna- Status: Construction expected to commence tional traffic to Nuuk is currently primarily serviced late summer 2018 via a hub in either Kangerlussuaq (2810 m runway) or in Iceland. Although concerns are raised about regularity and discussions are ongoing about an extension of current runway vs. construction at an alternate location, an international traffic connection to Nuuk is well anticipated by travellers and businesses alike. Cruise ship operators have remarked on the potential of Nuuk as transit hub, if airports planes are carried out to service international flights. Other serious investments may follow suit – both in the tourism sector and in other industries. As the ad- ministrative centre of Greenland and home to the majority of the larger companies’ headquarters, Nuuk already sees a great deal of international business travellers. A direct international connection would be a boon to these as well as Nuuk, an emerging tourist destination. The fjords and backcountry of Nuuk offer potential for tourist related growth and currently the summer seasons have ample modern hotel capacity. BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 49

Ilulissat Airport (Kalaallit Airports)

Ilulissat Airport Collective estimated construction cost: 3.6 B DKK [Nuuk, Ilulissat and Qaqortoq] Currently anticipated runway: 2200 m/ International airport Status: Construction expected to commence spring 2019

The premier tourist destination of Ilulissat was the Currently anticipated runway: 2200 m/ first to see geotechnical surveying in relation to the International airport extension of the current 845 m runway. Internation- al traffic to Ilulissat is currently primarily serviced Status: Construction expected to commence via hubs in either Kangerlussuaq or Iceland. Home spring 2019 to the UNESCO World Heritage site listed Icefjord, Ilulissat’s magical sceneries have put the city on the forefront when it comes to the allure of Greenland as a tourist destination. Home to massive icebergs and awarded hotels from where you can enjoy the scenery, the town has seen a rise in incoming tourists to the point where overnight capacity has very little vacancy in high seasons. With direct international flights, the town could further advance its already thriving tour- ism industry as well as provide further opportunities for the welldeveloped fishing industry. Investments into added capacity are already ongoing from local operators – from expansion on situated hotels to new developments of luxury overnight facilities next to the fjord. A partnership between the municipality of (now Avannaata municipality), the Greenlandic Government and Realdania is behind the aspiring project of Ilulissat’s coming Icefjord Centre – planned to open in 2020. 50 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

Qaqortoq Airport (Kalaallit Airports)

Qaqortoq Airport Collective estimated construction cost: 3.6 B DKK [Nuuk, Ilulissat and Qaqortoq] Currently anticipated runway: 1500 m / North Atlantic airport Status: Construction expected to commence spring 2019

Six km of road has already been laid down by the Currently anticipated runway: 1500 m/ municipality of Kujalleq in South Greenland, North Atlantic airport connecting the town of Qaqortoq to the placement of a future potential airport. Since the final decision Status: Construction expected to commence on any of the airports has not yet been made, this spring 2019 road certainly speaks to the proactiveness and expec­ tations of the southern region. International traffic to Qaqortoq is currently primarily serviced via hub in Narsarsuaq (1,830 m), connecting via ferries and helicopter. Qaqortoq and the rest of southern Green- land is rich on art, culture and Norse history, and boast several adventure opportunities for visitors wishing to enjoy the lush mountains region. Old ru- ins and hot springs are among the region attrac- tions, as well the region being home to both fishing industries, agriculture and farmers – thus fittingly called the country’s food storage. Local hotels have been modernising and plans are on the ready for a boom in business. BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 51

Tasiilaq Airport (Mittarfeqarfiit)

Tasiilaq Airport Collective estimated construction cost: 800 – 1.400 M DKK [Tasiilaq and Ittoqqor- toormiit] Currently anticipated runway: 1500 m/ North Atlantic airport Status: Initial studies are ongoing

An airport in Tasiilaq is also one of the politically Currently anticipated runway: 1,500 m (minimum)/ prioritised airport projects, however this location is North Atlantic airport not currently included in the scope of Kalaallit Air- ports A/S. Today, Tasiilaq is serviced internationally Status: Location has been settled. Studies are still primarily via flights from either Kangerlussuaq or Ice- ongoing – EIA anticipated during 2018, with con- land, connecting to the settlement of Kulusuk (1,199 struction completion in 2021 m/gravel). From Kulusuk, one reaches Tasiilaq either by boat, helicopter or dogsled/snowmobile. Tasiilaq is the largest city on the east coast and presents vis- itors with a dramatic roughed landscape and a less developed feel as compared to the larger towns of the west coast. Well established outfitters and remote cabins combine to make the dramatic landscape accessible for adventures. With close proximity to Iceland, Icelandic tourists have the option of add- ing an East Greenland trip to their itinerary and collaboration between Icelandic and local tour operators is set for further advancement. The current traffic structure creates a bottleneck for in/outbound travellers to/from Tasiilaq and an airport would open up a range of possibilities in terms of volume and investment. Tasiilaq-based operators are currently reporting upward trending revenues. 52 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

Ittoqqortoormiit Airport (Mittarfeqarfiit)

Ittoqqortoormiit Airport Collective estimated construction cost: 800 – 1.400 M DKK [Tasiilaq and Ittoqqor- toormiit] Currently anticipated runway: 650 m/Regional airport Status: Location has been settled. Studies are still ongoing – EIA anti­ cipated during 2018, with construction completion in 2021

An airport in Ittoqqortoormiit is also part of the Currently anticipated runway: 650 m (with option to politically prioritised airport projects, but like Tasiilaq extend to 1,199 m)/Regional airport it is not currently included in the scope by Kalaallit Airports A/S. Ittoqqortoormiit is about as remote as Status: Location has been settled. Studies are still possible as it goes for Greenlandic towns. Currently ongoing – EIA anticipated during 2018, with con- serviced internationally via flights from either Kulusuk struction completion in 2021 or Iceland, connecting to the landing strip at Nerlerit Inaat also known as Constable Point (1,000 m/grav- el). From Nerlerit Inaat one reaches Ittoqqortoormiit either by boat, helicopter or dogsled/snowmobile. Situated next to the world’s largest and deepest multibranched fjord system, visitors are treated to an experience few other places can match in terms of seclusion and uniqueness. Expedition vessels and cruise ships may call to port, but generally the scene is dominated by nature, wildlife and possibilities for adventure. Tourism as a larger business is not estab- lished, however there is a tourist office and willing operators. Like Tasiilaq, the current traffic system can create bottlenecks to/from Ittoqqortoormiit and expeditions to the National Park may bypass the town completely setting out directly from Nerlerit Inaat. A direct flight from Iceland would be more cost effective and open the town to tourist related investments. BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 53

Kangerlussuaq – runway upkeep, new port and road to Sisimiut

Kangerlussuaq – runway upkeep, new port and road to Sisimiut Runway: 150 million DKK ATV road: 22 million DKK Harbour: 50 million DKK

Kangerlussuaq serves as the main hub for redirecting A new and modern port in Kangerlussuaq is also and handling incoming international traffic in Green- being discussed. Plans for a port has been agreed land. In itself, Kangerlussuaq has plenty to offer upon on a regional level. A larger port (approx. 600 visitors and the local hotel is currently renovating m), with 8 – 12 m depth and ability to accommodate and modernising. Road access to mountains, fjords (Voyager Class) vessels up to around 311 m in con- and the icecap is among the settlements attractions. nection with Kangerlussuaq would work in conjunc- , originally build as an American tion with the international airport and be particular airbase in 1941, is well situated for air traffic in terms favourable in terms of transferring cruise ship guests. of weather and high regularity. With the discussions The port is planned about 10 km further down the surrounding new international airports in Greenland, fjord than current facilities, hence part of the plan there is some uncertainty regarding the exact future involves road construction. Total construction cost is of Kangerlussuaq airport – the area however holds previously estimated at 40 – 50 M DKK. plenty of potential, and several projects are being brought up. Forward mineral projects are situated in EIA hearings were completed in 2017, with construc- . tion upstart planned for 2018.

Kangerlussuaq airport’s runway is nearing the need of A longstanding wanted item on the regional itinerary an overhaul due to permafrost damages. This relates has been a road connecting Kangerlussuaq to to about 300 m of the 2,810 m runway, however there Greenland’s second largest town of Sisimiut. Total are currently no problems regarding a full and safe use construction cost of a passable twolane gravel of the airport. The exact cost of the overhaul has been road on the 160 km expanse has been estimated the matter of some discussion, ranging from up to to be somewhere between 300 to 500 M DKK. The 2 B DKK for a completely new tarmac to a 2011- municipality of Qeqqata has instigated a light estimate around 150 M DKK from the Transport approach to this sizeable undertaking by funding an Commission. In relation to the scope of the project, ATV (allterrain vehicle) track following the outline a survey of the extent of needed repairs has been of the proposed road. The ATV-road construction is ongoing in 2016. In Kangerlussuaq and the currently being investigated further by a dedicated municipality of Qeqqata, there is a natural vested in- taskforce, with a report expected spring 2018. terest in keeping Kangerlussuaq airport and runway. Estimated cost of construction is around 22 M DKK. 54 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

Siorarsiorfik – Nuuk City Development

Nuuk City Development Collective estimated construction cost: 5 B DKK Status: Tenders on initial (PPP) construction projects are expected mid-2018

Nuuk is at the core of much of Greenland’s policy mak- connecting a string of islands south of Nuuk to the ing, central administration, businesses, education- town and thus considerably expanding the layout of al institutions, healthcare, cultural scene and large buildable areas. The strategy sets goals for business event venue. The Arctic Capital’s strategy is not a pro- development within key sectors such as fishery, raw ject as such, but still bears mentioning here due to the materials, tourism and general commercial growth. scale, scope and potential development projects. The Business areas have been identified, creating a com- ambitious forwardlooking strategy for the capital of mercial band with attractive sites for companies. Nuuk was presented in June 2016 by the municipality of Sermersooq. A strategy including plans for serious International funding possibilities to animate and commercial, recreational and residential develop- underpin the strategy are currently being explored. ment. Looking towards 2030, the strategy envisions Advisory partners are working in relation with the and lays out the basis of being home to 25 – 30,000 municipality of Sermersooq to bring the vision to life in inhabitants – almost twice the number of citizens a sustainable fashion where public partners see that today. Such plans naturally call for attention towards functional requirements are met and investments qualified prospects, land allotments, surveying, foun- opportunities are presented in attractive partnerships. dation and general land development including road-, sewer- and energy grids. Certainly, also planning, As of October 2017, the Municipality of Sermersooq construction and investments. Nuuk’s hydropower founded the project dedicated development company plant at Buksefjorden, currently able to produce 45 Siorarsiofik – Nuuk City Development A/S (NCD). MW, might not house a fourth turbine. Surging more power for Nuuk might be possible by adding a sec- Board Chairman: Lars Møller-Sørensen ond hydropower plant on the same stream, effectively deriving power from the same water stream twice. CEO: Jens B. Frederiksen Power transmission lines installed from the current plant to Nuuk can handle up to 100 MW. Website: www.siorarsiorfik.sermersooq.gl

Nuuk harbour and a potential new international air- Collective estimated construction cost: 5 B DKK port is unsurprisingly at the heart of the connectivity (5 – 700 M DKK via Municipality loans) of Nuuk’s future, as well as innovation, sustainable energy and buildings that are aesthetically pleasing Status: Tenders on initial (PPP) construction in harmony with the surrounding nature. In housing projects are expected mid-2018 alone, the strategy sets out a goal for constructing 4,800 new homes by 2030. Plans are looking towards 3LOHUVDDUXVLDPXWWLWDUWDNNDW ,OOXVWUDWLRQHU NB // NB ,OOXOLDVVDWXWWDNXVVXWLVVDWWDPDUPLNLOXVLVVDDJDOODUWXWXWLVLJLQHTDVVDSSXW7DNXVVXWLVVDOLDW WDVVDDQQJLOODWLOOXWLOXVLVVDDWXWVLODSSLVVXVLLQXWQDOHTTXVVDNNDQXWLQDDUXWDDVXW $OOHE\JQLQJVLOOXVWUDWLRQHUVNDOEHWUDJWHVVRPIRUHO¡ELJH,OOXVWUDWLRQHUQHHULNNHHQGHOLJH XGVDJQIRUE\JQLQJVW\SHUGHUHUWLOSDVVHWNOLPDIRUKROGHQH

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HYDROPOWER AND CLEAN ENERGY

Energy and utility needs of the future is another company is publicly funded by a yearly government important matter in the onward development of grant, regulated once a year, pushing Nukissiorfiit to Greenland. This relates to urban expansion and town seek cost efficiency in its operations. With a responsi- growth models, to the vital fishing industry, to the bility related to not only producing, but also delivering mineral sector and to business development in gen- utilities, Nukissiorfiit is behind a steady stream of pro- eral. ject tenders and look into advancing the use of green energy even further. In Nuuk, for instance, the com- Nukissiorfiit pany is installing charging stations for electric cars as Nukissiorfiit is the public utility company responsible part of a focus on sustainable fueled transportation. for producing and delivering electricity, heating and Efforts are also ongoing in East and South Greenland water throughout the entire Greenlandic districts. The in order to surge levels of hydro plant turbine capacity. 57

Hydropower systems and energy distributing will need to follow a Greenland is ahead of the curb when it comes to parallel road of expansion and services. clean energy. Currently around 62% of the country’s electricity needs is covered by hydropower. This is a New Sector plan and legislation result of proactive and forwardthinking investments, With public hearings concluded November 2017, starting already in the 1990s. Several of the larger the government of Greenland has put forward a new towns are serviced through the country’s five hydro Sector plan for energy and water supply. This plan plants, however settlements and smaller towns are sets the strategy for the sector going towards 2030 still relying on oilbased generators. Solutions for dis- and includes three main themes: Lowering prices on placement of oil and fuel are actively being pursued, electricity and water; a public supply based on green with investigations into smaller mixed source energy energy wherever feasible an and overall modernisa- solutions. In the summer of 2017, Nukissiorfiit put tion of the current energy system. pilot hybrid plant into operation. This plant combines wind turbines and PV with a battery bank; hopes are Hydropower is a cornerstone in Greenland’s energy this pilot project will provide data and knowledge sourcing as well as a central element in the forward- which will ease the process of spreading green and looking transformation towards even more sustain­ sustainable energy solutions throughout Greenland. able energy. This includes energy consumption in the cities and by existing industry, but also comes Shared energy in to consideration in larger scale projects in remote Active research is going into identifying further water areas – such as mining projects. Hence the Green- resources for hydropower, in particular how they may landic government has proposed amendments to correlate with attractive areas for mineral operations. the current legislation dealing with largerscale hydro Such surveys must be based on several years, even resources. The aim being to attract investors to larger decades, of data, and as such the current most for- (+6 GWh) hydro plant resources by providing more ward mineral project plans in Greenland are still based flexible terms. Hearings regarding this legislative pro- on fossil fuel generators. Asiaq – Greenland Survey, posal was completed in December 2017, with expect- which is an independent, but nationally owned com- ed formal instatement in July 2018. pany is currently working toward mapping resources and accumulating further data.

Green energy everywhere possible By 2030, the goal is that the public energy supply must be derived from renewable energy sources to the fullest extent possible. Therefore, options to intro- duce wind energy in combination with battery bank modules into Greenland’s energy source mix are currently being investigated. Alaska and The Faroe Islands are providing basis for bestpractice and lessons learned. In any way Greenland and its indus- tries are to interchange towards future growth, utility 58 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

Hydro plants in Greenland

5

2

4

1 1 Buksefjorden Supplies: Nuuk, West Greenland Constructed: 1990 – 1993 and 2008 (third turbine installed) Construction budget: 1,071 million DKK 3 Main contractor: Nuuk-Power consort Effect: Three turbines producing 45 MW

2 Sisimiut 4 Tasiilaq Supplies: Sisimiut, West Greenland Supplies: Tasiilaq, East Greenland Constructed: 2007 – 2010 Constructed: 2002 – 2005 Construction budget: 500 million DKK Construction budget: 59 million DKK Main contractor: Ístak (Phil & Son) Main contractor: Phil & Son Greenland Effect: Two turbines producing 15 MW Effect: One turbine producing 1.2 MW

3 Qorlortorsuaq 5 Ilulissat Supplies: Narsaq and Qaqortoq, South Greenland Supplies: Ilullissat, West Greenland Constructed: 2004 – 2007 Constructed: 2010 – 2013 Construction budget: 500 million DKK Construction cost: 568 million DKK Main contractor: The EnergyConsort Main contractor: Phil & Son Greenland Effect: Two turbines producing 15 MW Effect: Three turbines producing 22.5 MW BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 59

KEY ORGANISATIONS

Arctic Umiaq Line – National passenger shipping °° Kommune (North-Northwest) [As of company 1 January 2018. Formerly Qaasuitsup Kommunia] °° Qeqqata Kommunia (Northwest) – Greenland’s National Airline °° Kommuneqarfik Sermersooq (West & East) °° Kommune Kujalleq (South) Asiaq – Greenland Survey °° Kanukoka – Association of Greenland’s municipalities Educational Institutions °° Arctic Technology Centre (ARTEK) Naalakkersuisut – The Government of Greenland °° Greenland School of Minerals & Petroleum °° Imarsiornermik Ilinniarfik – Greenland’s Maritime Naatsorsueqqissaartarfik – Statistics Greenland Centre °° Ilisimatusarfik – University of Greenland Nukissiorfiit – Greenland’s National Utility Company

Diskoline – Passenger shipping company Pinngortitaleriffik – Greenland Institute of Natural Resources Flugfélag Ísland – Air Iceland Polaroil – Energy and oil supply company GEUS – Geological Survey of Denmark and Greenland – National shipping and harbour Greenland Business / Greenland Venture – Business company counselling and venture capital Sermersooq Business Council – Kommuneqarfik Kalaallit Airports – National Airport development Sermersooq based business council company (Nuuk, Ilulissat & Qaqortoq) SIK – Greenland Trade Union Kalaallit Nunaanni Eqqartuussiviit – Greenland’s Courts Sikuki – Nuuk Harbour

KNAPK – Association of Fishers and Hunters in Siorarsiorfik – Nuuk City Development company Greenland Sulisitsisut – Greenland Business Association (GE) Mittarfeqarfiit – Greenland Airports TELE-POST – National Communications Provider Municipalities and Postal Services °° Avannaata Kommunia (North) [As of 1 January 2018. Formerly Qaasuitsup Kommunia] Visit Greenland – National Tourism Council 60 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 61

OUTLOOK

A British polar explorer once said: “The plans were great, the expectations were even greater, but greatest of all was the disappointment.” Ten years ago, the expectations were great in Greenland. One could not open any Danish or Greenlandic newspaper without reading about the huge mining, oil and gas potential. Investors were just waiting to close deals. The Chinese were coming in big numbers, any day now they said. Today we know better. The articles on Greenland’s mining adventure are fewer and have per- haps also found a more realistic tone. In a way a very understandable development. It has been a steep learning curve for many. Understanding the mining industry and the economic and political DNA of the industry takes time.

It has also taken time to develop an adequate and sound policy framework in Greenland finding the right balance between the interest of the investors, the need to protect the fragile environment and the interests of the people in Greenland.

Even though there are fewer articles in the papers on Greenland these days, there is a certain buzz again. New licenses are issued and more companies are moving into the exploitation phase. In May 2017 the ruby mine in Aappaluttoq in south west Greenland officially opened. In 2018 even more mining projects look promising.

In the Arctic Cluster of Raw Materials, we stand ready to grasp this new brighter window of business opportunities. But the government in Greenland also needs to be ready. We cannot afford any bottle necks in the administration process or any political hickups. The policy framework needs to be carved in stone so we in the near future know the costs and rules of operating in Greenland. The industry is set to go. We have many competences in and outside Denmark and in Greenland. So for the future in Greenland, I allow myself to have great expectations and not to be disappointed.

Mads Qvist Frederiksen Head of Secretariat, ACRM 62 BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018

SOURCES

Argus Media // www.argusmedia.com ǐǐ Hudson Resources // www.hudsonresources.ca Asiaq – Greenland Survey // www.asiaq.gl ǐǐ KGHM // www.kghm.com ǐǐ North American Nickel // www.northamericannickel. Business Potentials – planning for the future of oil, gas com and minerals // Published by Sermersooq Business Council 2013 ǐǐ Tanbreez Mining Greenland // www.tanbreez.com ǐǐ Ironbark Zinc // www.ironbark.gl Geological Survey of Denmark and Greenland // www.geus.gl ǐǐ True North Gems // www.truenorthgems.com ǐǐ LNS // www.lns.no Greenland Benchmarking Report 2016 // Published by the Arctic Cluster of Raw Materials (ACRM) in collab- Mineral Resources in the Arctic // Published by NGU – oration with the Confederation of Danish Industry (DI) Geological Survey of Norway 2016 (1st edition) February 2016 Municipalities Greenland’s oil and mineral strategy 2014 – 2018 // ǐǐ Qaasuitsup Kommunia // www.qaasuitsup.gl now www. Published by The Government of Greenland – Ministry of avannaata.gl/ & www.qeqertalik.gl/ Industry and Mineral Resources & Ministry of Environment ǐǐ Qeqqata Kommunia // www.qeqqata.gl and Nature February 2014 ǐǐ Kommuneqarfik Sermersooq // www.sermersooq.gl Grønlands Økonomi – The ǐǐ Kommune Kujalleq // www.kujalleq.gl // Yearly reports published by The Economic Council 2010 – 2017 Nukissiorfiit // www.nukissiorfiit.gl Government of Greenland // Finance Act 2018 NunaGIS digital atlas of Greenland // www.nunagis.gl – proposal. www.naalakkersuisut.gl & www.govmin.gl Nuuk – Arctic Capital, Capital strategy for Nuuk // & www.inatsisartut.gl Published by Kommuneqarfik Sermersooq June 2016 Greenland Statistics // www.stat.gl Sikuki – Nuuk Harbour // www.sikuki.com How to set up a business in Greenland – Information Siorarsiorfik – Nuuk City Development // guide // Published by Deloitte October 2015 (6th edition) www.siorarsiorfik.gl InfoMine // www.infomine.com The Transport Commission of Greenland – report // Kalaallit Airports // www.kair.gl Published by The Government of Greenland – Ministry of Housing, Infrastructure and Traffic January 2011 London Metal Exchange // www.lme.com (1st edition) Mineral resource companies: Turismeudvikling i Grønland – hvad skal der til? ǐǐ Arctic Resources // www.arctic-resources.com – National Sector Plan for tourism 2016 – 2020 // ǐǐ General Nice Development // www.generalnice.com. Published by the Government of Greenland – Ministry hk of Industry, Labour and Trade May 2016 ǐǐ Greenland Minerals and Energy // www.gme.gl & Visit Greenland // www.greenland.com www.ggg.gl

BUSINESS OPPORTUNITIES IN GREENLAND – PROJECT OVERVIEW 2018 63

BECOME A MEMBER OF THE ARCTIC CLUSTER OF RAW MATERIALS

Membership The annual membership fee (2018) is 8.000 DKK per company. The membership will get you closer to potential and upcoming projects, B2B meetings with relevant companies operating in the Arctic and access to events and workshops offered by the cluster. In addition to that, your company will get access to a comprehensive business network of both Danish and Greenlandic companies with the common interest of joining forces, exploring possibilities and get more knowledge about the extractive industry in the Arctic region.

Please note that ACRM members wishing to terminate their membership must give three months’ notice.

Members of ACRM commit to share their knowledge and competences with other members to make sure that the industry cluster. Members will get access to all cluster activities, including exhibitions in Canada and workshops in Greenland and Denmark.

For more information: www.acrm.dk Become a member of Arctic Cluster of Raw Materials

www.acrm.dk