69

Business

Greenland gold mining in the red

admin
April 1st, 2014


This article is more than 10 years old.

NunaMinerals made its biggest gold discovery last year, but ended up with a massive loss

Greenlandic gold mining company NunaMinerals will keep on drilling after ending last year with a loss of 60.7 million kroner before tax, EPN finance newspaper reports.

It is significantly higher than the 2012 loss of 15.5 million kroner, but the loss was expected at NunaMinerals as the company went through drastic changes last year.

"The general financial development at NunaMinerals went as expected in 2013," the company wrote in a press release. "But modifications made to the licence portfolio of 54 million kroner have hurt the total account."

The company invested 15 million kroner in mineral exploration last year, mainly focusing on gold in the Nanortalik Gold Province in south Greenland and fieldwork related to the Qeqertaasaq licence.

Made biggest gold discovery
The exploration for gold in the Nanortalik Gold Province has resulted in the richest gold discoveries in the history of the company, but gold wasn't enough to lift NunaMinerals from the financial ditch as the company still has limited resources and needs additional funding.

Despite last year's loss, the gold-driller maintains high expectations and will invest a further 36 million kroner into mineral exploration in Greenland over the next year.


Share

Most popular

Subscribe to our newsletter

Sign up to receive The Daily Post

















Latest Podcast

A survey carried out by Megafon for TV2 has found that 71 percent of parents have handed over children to daycare in spite of them being sick.

Moreover, 21 percent of those surveyed admitted to medicating their kids with paracetamol, such as Panodil, before sending them to school.

The FOLA parents’ organisation is shocked by the findings.

“I think it is absolutely crazy. It simply cannot be that a child goes to school sick and plays with lots of other children. Then we are faced with the fact that they will infect the whole institution,” said FOLA chair Signe Nielsen.

Pill pushers
At the Børnehuset daycare institution in Silkeborg a meeting was called where parents were implored not to bring their sick children to school.

At Børnehuset there are fears that parents prefer to pack their kids off with a pill without informing teachers.

“We occasionally have children who that they have had a pill for breakfast,” said headteacher Susanne Bødker. “You might think that it is a Panodil more than a vitamin pill, if it is a child who has just been sick, for example.”

Parents sick and tired
Parents, when confronted, often cite pressure at work as a reason for not being able to stay at home with their children.

Many declare that they simply cannot take another day off, as they are afraid of being fired.

Allan Randrup Thomsen, a professor of virology at KU, has heavily criticised the parents’ actions, describing the current situation as a “vicious circle”.

“It promotes the spread of viruses, and it adds momentum to a cycle where parents are pressured by high levels of sick-leave. If they then choose to send the children to daycare while they are still recovering, they keep the epidemic going in daycares, and this in turn puts a greater burden on the parents.”