- Hudson Resources Inc. (HUD) will focus on the SarFartoq Rare Earth Element (REE) project after new mining legislation was passed by the Greenland government
- The new legislation bans the development of mineral projects with a uranium content greater than 100 parts per million (ppm)
- However, the ban does not apply to prospecting, exploration and exploitation directed at non-uranium resources if the average uranium content is less than 100 ppm
- The company’s advanced ST1 Sarfartoq project contains low levels of uranium (10ppm) and high levels of REE’s neodymium oxide, and praseodymium oxide
- The project has drilled 31,000 metres to date with reports of numerous high-grade sections including 14 metres of 4.8 per cent and 6 metres of 6.05 per cent total rare earth oxides
- Hudson Resources Inc. (HUD) is up 6.25 per cent and is trading at $0.085 per share at 1:04 p.m. ET
Hudson Resources (HUD) will focus on the SarFartoq REE project after new mining legislation was passed by the Greenland government.
The new legislation bans the development of mineral projects with a uranium content greater than 100 parts per million (ppm).
However, the ban does not apply to prospecting, exploration and exploitation directed at non-uranium resources if the average uranium content is less than 100 ppm.
The company’s advanced ST1 Sarfartoq project contains low levels of uranium (10ppm) and high levels of REE’s neodymium oxide, and praseodymium oxide.
These are key elements needed for permanent magnets used in wind turbines and the motors in electric and hybrid vehicles.
The global neodymium market is forecast to grow at a compound annual growth rate of 5.4 per cent to US$3.39 billion by 2028 and is to be led by electric vehicles, wind energy, and electronics
The project has drilled 31,000 metres to date with reports of numerous high-grade sections including 14 metres of 4.8 per cent and 6 metres of 6.05 per cent total rare earth oxides.
In addition, Hudson’s Nukittooq niobium-tantalum project contains uranium values more than 100 ppm and as such the company is reviewing its options for this project under the new legislation.
The high-grade Nukittooq niobium-tantalum project and the Sarfartoq REE project are both located on the company’s 100 per cent owned Sarfartoq exploration license located in southwestern Greenland.
Hudson Resources Inc. (HUD) is up 6.25 per cent and is trading at $0.085 per share at 1:04 p.m. ET.