Energy Transition Minerals has identified October 2026 as the next important milestone in its long running dispute with the Greenland government over the Kuannersuit rare earth project near Narsaq, also known internationally as the Kvanefjeld project.
Speaking during a shareholder and investor webinar published on June 3, ETM Managing Director Daniel Mamadou said the case is moving toward a more substantive phase in Greenlandic courts.
The dispute followed Greenland’s introduction of Act 20, legislation restricting uranium extraction. ETM argues that the law was effectively designed to block Kuannersuit, also known internationally as the Kvanefjeld project.
October Becomes the Next Date to Watch
ETM says it declined to withdraw its mining license application and activated a dispute resolution mechanism contained in its agreement with Greenland’s Department of Raw Materials. That process called for international arbitration proceedings in Copenhagen.
The company filed its statement of claim in 2023. An arbitral tribunal later split the proceedings, referring the central legal questions to the courts in Greenland while reserving the issue of damages.
Mamadou said procedural submissions are expected during the summer, followed by a substantive response from the defendants by October.
He also expressed frustration with the pace of the case.
“We want to have our day in court,” Mamadou said. “The approach and the attitude of the Greenlandic government has been to use every legal device available to delay the process.”
He said ETM has been waiting for a response to its claim for almost three years but argued that the case is now moving closer to a meaningful court phase.
“The date where we will eventually go to court is now coming fast,” he said.
When asked whether October should be viewed as a key date for the company, Mamadou replied: “Absolutely.”
Exploration License Decision Remains Pending
Mamadou also provided an update on ETM’s exploration license.
The Greenland government has previously signaled that it may decline a further extension, but Mamadou said a formal decision has yet to be issued.
ETM describes the extension as a routine administrative matter and says the license had previously been renewed both before and after Act 20 came into force.
The exploration license question sits alongside the broader legal dispute over whether ETM should be allowed to pursue an exploitation license for the project.
Legal Costs Currently Funded from ETM’s Cash Reserves
Mamadou also addressed how the legal campaign is being funded.
He said Burford Capital, a specialist litigation finance firm, provided a funding line for the initial arbitration phase. Approximately two thirds to three quarters of that facility has been drawn, according to Mamadou.
Current litigation costs are being funded from ETM’s own resources. Mamadou said those costs are less onerous than the earlier arbitration expenses and noted that the company has close to A$50 million in cash.
He added that ETM retains the option of drawing further support from the non recourse funding line if required.
Uranium Remains at the Center of the Debate
During the webinar, Mamadou was asked whether the rare earth deposit could be mined while leaving the uranium untouched.
“The short answer is no,” he said.
Mamadou said uranium occurs naturally within the deposit’s mineralogy and reiterated that ETM remains focused on rare earths rather than uranium. He said different options could be considered for managing the uranium bearing material.
The exchange captured the central challenge surrounding any attempt to revive Kuannersuit. ETM views the deposit as a major Western rare earth opportunity. Uranium remains closely tied to the political and environmental concerns surrounding the project’s future.
A Long Life Rare Earth Asset
ETM says Kuannersuit contains mineral resources exceeding one billion tonnes and has undergone more than 80,000 meters of drilling.
Mamadou said the deposit could support a mine life of more than 30 years and provide long term exposure to rising rare earth demand.
He argued that, if brought into production, Kuannersuit could significantly alter the global rare earth supply chain.
ETM continues to position the project as a strategically important Western asset at a time when the United States and Europe are seeking to strengthen critical mineral supply chains and reduce their dependence on China controlled rare earth production.
The company is also broadening its portfolio through the planned acquisition of the Penouta tin and tantalum mine in Galicia, Spain. ETM expects that asset to return to production within 18 to 24 months.
Kuannersuit, however, remains central to the company’s long term strategy. Investor Webinar – Energy Transition Minerals (ASX: ETM)
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