Greenland's draft rejection of energy transition minerals' kvanefjeld rare earths project sparks 5.6% share plunge

Australia-based Energy Transition Minerals faces a potential setback in its greenland-based rare earths exploration, with the country's government drafting a rejection of its licence renewal application for the Kvanefjeld project.

Draft decision cites 'no longer considered' exploration purpose

Energy Transition Minerals announced the news, which sent its shares tumbling 5.6% to A$0.051 as trading resumed after a halt. The broader S&P/ASX 200 benchmark index, however, rose 1.5%. Kvanefjeld, a large-scale project, has the potential to become a significant western world producer of critical minerals used in the manufacture of consumer electronics.

The company received a draft decision from the greenland government indicating that the mineral resources ministry intended to recommend rejecting the application. greenland stated that Energy Transition Minerals' exploration activities were