Arcticportal News
NunaMinerals to file for bankruptcy
Other News
Written by Federica   
Monday, 20 April 2015 08:32

 NunaMinerlas logo (source: nunaminerals.com)NunaMinerlas logo (source: nunaminerals.com)After the loss of the company's equity,  announced in January 2015, and after several months during which the Board of Director of NunaMinerlas has continued to seek for a solutions capable to provide the necessary funding for NunaMinerals to continue its operations, the Board has announced yesterday that the company is therefore  to be insolvent, and that there are no other solution than filing for banckruptcy to the Court of Greenland as soon as possible

NunaMinerals is the Greenlandic leading company for mineral exploration (mainly gold, but also diamonds and other rare materials). , "The objective of NunaMinerals is to develop and utilize Greenland's natural mineral resources on a commercial basis. The success criterion of the Company is to create value for its shareholders. NunaMinerals' exploration is aimed at developing projects with a view to building a profitable business with income from co-ownerships of mines, royalties from mining operations and sales of projects. The Company's work has in the recent years resulted in, amongst other things, the discovery, development and start-up of Greenland's first gold mine (the Nalunaq Gold Mine), which now have been sold. With its key employees and knowledge databases, NunaMinerals possesses extensive expertise in exploration and in-depth knowledge of Greenland's geological history and exploration, relevant exploration methods, and logistic conditions in Greenland.

In practice, the NunaMinerals exploration process is a series of progressive phases in which advancement from one phase to the next is conditional on continued verification of a positive assessment of the commercial potential of the mineralization after deduction of likely exploration costs." (nunaminerals.com)

Reaction to the news from the Greenlandic government  are expected later today. 

The press release by NunaMinerals states: 

With reference to company announcements no. 5 of 30 January 2015, no. 7 of 2 February 2015, no. 8 of 20 February 2015 and no. 9 of 31 March 2015, the Board of Directors deeply regrets to inform that is has not been possible to find a solution which could provide the necessary funding for NunaMinerals to continue its operations.

Since the loss of the company's equity, as reported on 19 January 2015, and the extraordinary general meeting of 29 January 2015, the Board of Directors and the Executive Management have continued their efforts to seek alternative financing. Every avenue has been followed that potentially could lead to a solution for the benefit of all shareholders. Unfortunately it has not been possible to find a solution for NunaMinerals within the limited time period available to the Company.

A Letter Proposal ("the Offer") with further amendments was received during March and April from Greenland Mining Management Ltd ("GMM").

The Government of Greenland, as the largest shareholder in NunaMinerals, did not see the proposal as a sufficiently viable plan for a refinancing of NunaMinerals and did not find the proposal acceptable under the terms offered.

NunaMinerals is not able to meet its payment obligations as they fall due and the company is therefore deemed to be insolvent.

Against this background and in order to comply with its regulatory obligations, the Board of Directors sees no other alternative than to file for bankruptcy at the Court of Greenland and will file such petition for bankruptcy as soon as possible.

 

Download NunaMinerals Press Release here

 
EU-Arctic Workshop in Rovaniemi
Other News
Written by Federica   
Friday, 17 April 2015 13:19

EU Flag (photo:GettyImages) EU Flag (photo:GettyImages) The European Commission organises a series of stakeholder workshops on the further development of the EU's Arctic policy. The first event will take place in Rovaniemi on 29 April 2015 and will bring together key stakeholders from business, academia and the public sector to discuss indigenous peoples' rights, regional cooperation, infrastructure development and mining. The second event will take place in Oslo on 27 May 2015 and will focus on issues such as energy, climate change and research.

The workshops follow from a public consultation on "Streamlining EU funding in the European Arctic" in order to identify the main challenges and common investment priorities for the European Arctic. Based on its results, the European Commission is organising a series of workshops to further explore the main issues brought forward by stakeholders. The replies to the consultation can be found here.

As climate change and economic development accelerate in the Arctic region, the EU intends to step up its engagement with its Arctic partners to jointly meet the challenge of safeguarding the environment while ensuring the sustainable development of the Arctic region. In May 2014, the Council instructed the Commission and the EEAS to present proposals for the further development of a coherent and integrated Arctic policy by December 2015.

More detailed information and options for registration will follow shortly

 

 
Upcoming Conference: Future Greenland 2015, Nuuk, 6 - 7 May
Old News
Written by Federica   
Thursday, 16 April 2015 09:06

Katuaq, Nuuk (photo:Alankomaat)Future Greenland 2015" is the fourth in the series of Future Greenland conferences that Greenland Business Association organises every second year. In 2013, the attendance record was set by 450 participants who took part in animated debates and workshops under the conference title "From vision to realisation".

The Greenland Business Association is once again inviting everyone interested in society to participate in an inspiring debate on the goals and direction for the development of Greenland, under the heading "Growth and welfare – scenarios for the development of Greenland".

The objective of the Greenland Business Association with the conference is to more strongly anchor the debate on the development of Greenland in a common understanding that without an enterprising business community, more private companies and greater exports, we cannot create economic growth. Moreover, the necessary economic growth will not come by itself, but will require a series of political reforms to make it possible and attractive to do business. If we fail in this, we will lose the ability to pay for the many and growing demands of citizens on the welfare state, and Greenland's political freedom of action will be restricted, due to a lack of the necessary economic and human resources.

The conference will help to create the headlines for an agenda of economic growth, in a political environment that more often deals with the distribution of welfare than with the question of how the resources for this are to be created.

In addition to strengthening a common recognition that business life is a key driver of economic growth, and that political action is required to promote this, the conference invites a discussion of what can and should be done to create the right conditions for the desired development.

Background and themes:

In recent years, there has been no lack of analyses and reports that have soberly set out the economic and political challenges facing Greenland.

It is now almost four years since the Tax and Welfare Commission published its report, entitled "Our Prosperity and Welfare Requires Action Now" (2009) which identified the key areas for political reform. In its latest report, from 2014, the Economic Council states that reform efforts are still lacking, and that the economic situation is becoming critical.

At the initiative of Ilisimatusarfik /the University of Greenland and the University of Copenhagen, a group of researchers from several knowledge institutions were brought together in the "Committee for the Socially Beneficial Exploitation of Greenland's Natural Resources". The collaboration resulted in the report Til Gavn for Grønland ("To the Benefit of Greenland") (2014), which sought to illustrate some possible scenarios. The report also placed the potential of the mining industry in perspective by attempting to calculate how many large mining projects would be required in order for Greenland to become financially independent of the Danish block grant, solely using minerals as an income foundation.

The report states that the prospects are distant for minerals alone to be capable of financing Greenland's economic independence, and suggests as an alternative the so-called "harp strategy" "...in which Greenland could play on several strings and supplement the work of developing mining projects with other forms of industrial development." The strategy includes:

The development of a comprehensive national strategy for diversified business development, which will also cover collaboration between local and international companies, and in particular, exploitation of the special benefits to be derived from cooperation with Danish companies.
The drawing up of a comprehensive strategy to increase capacity and introduce new skills within the central administration, in business life and in the educational sector.

On the basis of the Future Greenland Conference in 2013, the VL Group in Greenland launched a series of workshops involving the widest possible circle of decision-makers. This dialogue resulted in a report ('Scenarios for the Development of Greenland', 2013), for which the Institute for Futures Studies acted as secretariat. This presented some possible scenarios for Greenland if two growth drivers were combined – skills enhancement and development of the mineral resources sector. The GBA has chosen to make this report a common reference for a variety of presentations on what Greenland should or should not do if we are to avoid falling into the "jaws of death" or other unfortunate scenarios.

Here, the conditions for business growth development will play a central role, particularly the question of the necessary conditions for attracting foreign capital to boost growth:

What should Greenland do internally, in the management of its own economy and business development?
Expectations for exports are focusing right now on fisheries, minerals and tourism: How can we create the right framework conditions to promote investment in these professions?
What can Greenland otherwise sell? How can entrepreneurial spirit be created?
How can Greenland create the best possible alliances with Denmark, the Nordic countries and other countries that will both purchase Greenland's resources and supply the capital or knowledge that Greenland does not itself possess?
What is Greenland's future position in Arctic and international cooperation?
What are the visions of the newly-elected government of Greenland and national parliament, and how can they be translated into concrete political reforms?

 

For more information please click here

(Source: Future Greenland

 

 
Upcoming Conference: Future Greenland 2015, Nuuk, 6 - 7 May
Other News
Written by Federica   
Thursday, 16 April 2015 09:06

Katuaq, Nuuk (photo:Alankomaat)Future Greenland 2015" is the fourth in the series of Future Greenland conferences that Greenland Business Association organises every second year. In 2013, the attendance record was set by 450 participants who took part in animated debates and workshops under the conference title "From vision to realisation".

The Greenland Business Association is once again inviting everyone interested in society to participate in an inspiring debate on the goals and direction for the development of Greenland, under the heading "Growth and welfare – scenarios for the development of Greenland".

The objective of the Greenland Business Association with the conference is to more strongly anchor the debate on the development of Greenland in a common understanding that without an enterprising business community, more private companies and greater exports, we cannot create economic growth. Moreover, the necessary economic growth will not come by itself, but will require a series of political reforms to make it possible and attractive to do business. If we fail in this, we will lose the ability to pay for the many and growing demands of citizens on the welfare state, and Greenland's political freedom of action will be restricted, due to a lack of the necessary economic and human resources.

The conference will help to create the headlines for an agenda of economic growth, in a political environment that more often deals with the distribution of welfare than with the question of how the resources for this are to be created.

In addition to strengthening a common recognition that business life is a key driver of economic growth, and that political action is required to promote this, the conference invites a discussion of what can and should be done to create the right conditions for the desired development.

Background and themes:

In recent years, there has been no lack of analyses and reports that have soberly set out the economic and political challenges facing Greenland.

It is now almost four years since the Tax and Welfare Commission published its report, entitled "Our Prosperity and Welfare Requires Action Now" (2009) which identified the key areas for political reform. In its latest report, from 2014, the Economic Council states that reform efforts are still lacking, and that the economic situation is becoming critical.

At the initiative of Ilisimatusarfik /the University of Greenland and the University of Copenhagen, a group of researchers from several knowledge institutions were brought together in the "Committee for the Socially Beneficial Exploitation of Greenland's Natural Resources". The collaboration resulted in the report Til Gavn for Grønland ("To the Benefit of Greenland") (2014), which sought to illustrate some possible scenarios. The report also placed the potential of the mining industry in perspective by attempting to calculate how many large mining projects would be required in order for Greenland to become financially independent of the Danish block grant, solely using minerals as an income foundation.

The report states that the prospects are distant for minerals alone to be capable of financing Greenland's economic independence, and suggests as an alternative the so-called "harp strategy" "...in which Greenland could play on several strings and supplement the work of developing mining projects with other forms of industrial development." The strategy includes:

The development of a comprehensive national strategy for diversified business development, which will also cover collaboration between local and international companies, and in particular, exploitation of the special benefits to be derived from cooperation with Danish companies.
The drawing up of a comprehensive strategy to increase capacity and introduce new skills within the central administration, in business life and in the educational sector.

On the basis of the Future Greenland Conference in 2013, the VL Group in Greenland launched a series of workshops involving the widest possible circle of decision-makers. This dialogue resulted in a report ('Scenarios for the Development of Greenland', 2013), for which the Institute for Futures Studies acted as secretariat. This presented some possible scenarios for Greenland if two growth drivers were combined – skills enhancement and development of the mineral resources sector. The GBA has chosen to make this report a common reference for a variety of presentations on what Greenland should or should not do if we are to avoid falling into the "jaws of death" or other unfortunate scenarios.

Here, the conditions for business growth development will play a central role, particularly the question of the necessary conditions for attracting foreign capital to boost growth:

What should Greenland do internally, in the management of its own economy and business development?
Expectations for exports are focusing right now on fisheries, minerals and tourism: How can we create the right framework conditions to promote investment in these professions?
What can Greenland otherwise sell? How can entrepreneurial spirit be created?
How can Greenland create the best possible alliances with Denmark, the Nordic countries and other countries that will both purchase Greenland's resources and supply the capital or knowledge that Greenland does not itself possess?
What is Greenland's future position in Arctic and international cooperation?
What are the visions of the newly-elected government of Greenland and national parliament, and how can they be translated into concrete political reforms?

 

For more information please click here

(Source: Future Greenland

 

 
Russian Foreign Minister to not attend AC Ministerial Meeting
Other News
Written by Federica   
Wednesday, 15 April 2015 10:46

Russian Foreign Minister Lavrov (photo:http://mfa.gov.rs/)  Russian Foreign Minister Lavrov (photo:http://mfa.gov.rs/) News reported today that Russian Foreign Affairs Minister, Sergey Lovrov, will not attend the next Arctic Council Ministerial Meeting in Iqaluit (Canada) on April 24th and 25th. The meeting will mark the conclusion of Canada's chairmanship and the beginning of the US chairmanship, while ministers of the eight Arctic States and the high representatives of the six indigenous people organizations will highlight Canada chairmanship's achievements and set objectives for the coming two-years period.
A spokesperson from the Russian embassy in Ottawa wrote in a brief note that "Due to Lavrov's prior commitments, as well as extraordinary recent international developments which require his personal involvement, the Russian delegation at the Arctic Council ministerial meeting will be headed by Sergei Donsko", the Ministry of Natural Resources and the Environment of the Russian Federation.
While it has happened before that AC Member States have delegated representatives other than their own Foreign Affairs Ministers to attend the AC Ministerial Meetings, Russia's decision has raised many speculations, especially within Canadian media, due to the "icy" relation between the two countries since the Ukrainian crisis. As reported by cbc.ca, for example, "Michael Byers, Canada Research Chair in global politics and international law at the University of British Columbia, says that's because of the council's recent focus on domestic issues and not due to recent tension between Canada and Russia over the conflict in Ukraine. You can't really blame him for saying 'I don't need to be there,'" says Byers. "The Russians don't consider that anything important about foreign policy will be done in Iqaluit.""

 

 

Source: .Nunatsiaq Online, CBC

 

 
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