means of livelihood, mining industry, arctic region, enterprises
The Arctic region has a huge business potential and offers many possibilities, but to some extent, Arctic markets are not very familiar to most companies. It is therefore important to provide information about the markets, their characteristics and the operating context. This report gives an overview of the mining market and context in Greenland.
Mining activities have so far been limited in Greenland considering the potential. A relatively weak record of mining activity appears to contrast with the metal endowment and existence of numerous mineral occurrences and several world class mineral deposits.
Mineral exploration and mining in Greenland often occur in remote areas, usually far from existing infrastructure. This necessitates expensive transportation and establishment infrastructure. The remoteness, harsh Arctic climate and rugged terrain are negative factors often resulting in extra expenditures compared to most other jurisdictions.
The many deep fjords in Greenland offer excellent opportunities for deep-sea port and shipping capacity. The social license to operate is in general very favourable in Greenland, and an ambitious new mineral strategy can be instrumental to attract new investments to mining in Greenland. Currently, Greenland is undergoing a phase of rapid development, and large government-funded infrastructure projects are in progress including new airports.
Riikka Aaltonen, TEM, +358 295 064 216
Mikko Martikainen, TEM, +358 295 064 795
Pekka Tuomela, GTK, +358 50 300 5633