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The following information pertains to the granting of Prospecting and Exploration Licenses in Greenland.
Minerals Prospecting Licenses
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Period:
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5 years ending December 31st in the 5th year
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Renewal:
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Upon expiry a new prospecting licence may be applied for
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License Fee:
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DKK 3,000 (approx USD $600)
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Granting Fee:
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DKK 18,800 (approx USD $3,700)
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Minimum Obligations:
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No commitment in the form of exploration expenditure
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Reporting:
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A work program, a fieldwork report and a geological report is required to be submitted during the field season, depending on activity level.
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Exploration Licenses
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Period:
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5 years ending December 31st in the 5th year
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Renewal:
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Upon expiry a new prospecting licence may be applied for
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License Fee:
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DKK 5,000 (approx USD $975)
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Granting Fee:
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DKK 31,400 (approx USD $6,100)
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Reporting: |
A work program, a fieldwork report, a geological report and an exploration account is required to be submitted during the field season, depending on the activity level.
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Minimum Obligations: |
The license holder is required to spend the sum of the following two components:
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An amount per licence per calendar year as follows (2011 figures):
Years |
Cost in DKK |
USD Approximation |
1-2 |
DKK 145,600 |
USD $28,200 |
3-5 |
DKK 291,200 |
USD $56,400 |
6-10 |
DKK 582,500 |
USD $113,000 |
An amount per km2 per calendar year as follows (2011 figures):
Years |
Cost in DKK per km2 |
Cost in USD per km2 Approximation |
1-2 |
DKK 1,460 |
USD $290 |
3-5 |
DKK 7,280 |
USD $1,410 |
6-10 |
DKK 14,600 |
USD $2,850 |
Mining Licenses
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Period:
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Granted up to 30 years
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Renewal:
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An exploitation license can be renewed for a further 20 years
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License Fee:
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Reimbursement of BMP's expenses in accordance with the Act
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Granting Fee:
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DKK 100,000 (approx USD $18,000)
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Reporting: |
Reporting requirements according to sub section 19, 43 and 86 of the Mineral Resources Act.
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Taxation: |
Taxation according to Greenland legislation in force at the time |
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