UK-based London Mining, a global diversified miner targeting the steel sector, has announced that it has been granted an exclusive 30-year exploitation license for its wholly-owned Isua iron ore project in Greenland. The Isua project with a 1 billion mt of iron ore resources is expected to produce 15 million mt per year of premium quality iron pellet feed concentrate with low impurities.
Within the exploitation license, London Mining has agreed to incorporate a royalty structure with the government of Greenland. The sales-based royalty rates will start at one percent in the first five years and rise to five percent after 16 years.
London Mining said that Isua is an important project for Greenland and its development will help deliver key objectives for Greenland of economic growth and diversification from sustainable mining activity.