“The board of Shenghe Resources Holding, a rare-earth miner backed by China’s Finance Ministry, issued a statement to the Shanghai Stock Exchange late Monday, rejecting a move by Australia’s Energy Transition Minerals to terminate a contractual arrangement on shareholding rights.”
“ETM, known as Greenland Minerals until November 2022, had declared in a statement to Australia’s ASX bourse last Friday that it ‘formed the view that the strategic relationship contemplated in 2016 has ceased or changed in such a way that it has effectively ceased.’ ”
“At the heart of the partnership is the Kvanefjeld project, one of the largest undeveloped rare-earth and uranium deposits in southern Greenland. The project has been stalled due to environmental concerns over extraction of radioactive substances. The Greenland authorities banned uranium mining in 2021.”
“The involvement of a Chinese-state backed company in the development of the rare-earth and uranium deposits also came under scrutiny during the application for mining rights. ETM in its Friday disclosure said Shenghe’s technical involvement, which was part of the strategic alliance, has ‘ceased along with all optimization and advisory work.’ ”