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Friday, Dec 03, 2021

Denmark Searching for Diamonds on Greenland Seabed on Behalf of International Gem Giant

Denmark Searching for Diamonds on Greenland Seabed on Behalf of International Gem Giant

Greenland's natural riches have attracted global interest for many years. However, only a few mining projects have materialised so far, due to a combination of a barren landscape with a harsh climate, a near-complete lack of infrastructure, and climate concerns about pristine Arctic environments.
Researchers are investigating the presence of diamonds on the Greenlandic seabed, National Geological Survey of Denmark and Greenland (GEUS) has revealed.

An on-spot eight-day investigation gathering information on the Arctic seabed was completed at the end of September; the results remain unknown.

The investigations were carried out on behalf of the diamond mining giant De Beers, TV2 reported.

West Greenland is already known for having diamonds on land. However, De Beers is trying to find out whether the precious minerals have also ended up in the ocean as a result of geological shifts and movements.

In July 2019, the London-headquartered diamond giant received permission to conduct land surveys in West Greenland. Subsequently, in October 2020, it also received permission for offshore surveys.

For many years, Greenland has attracted global interest due to its natural riches. However, only a few mining projects have materialised due to a combination of factors, including a barren landscape, a near-complete lack of infrastructure and an environmental push from the government.

Greenland's incumbent government, which came to power in April, is not opposed to all forms of mining activity, yet put a firm stop to a huge uranium mining project, on which many pro-independence voters had pinned their hopes, assuming that it would alleviate the autonomous island's dependence on annual subsidies from the Kingdom of Denmark, of which is formally part. However, due to concerns about the climate and the environment, the Greenlandic government has also banned all forms of oil extraction, which put yet another damper on hopes of becoming financially self-sufficient.

Founded by British mining magnate and South African politician Cecil Rhodes, De Beers Group is an international corporation specialising in all forms of diamond mining, including open-pit, large-scale alluvial and coastal mining, and currently operating in 35 countries such as Botswana, South Africa, Canada and Australia. Today, De Beers is already actively mining diamonds from the seabed off the coast of Namibia.

From its inception in 1888 until the very start of the 21st century, De Beers controlled up to 85 percent of rough diamond distribution and was considered a monopoly. Over its decades-long history, De Beers has been involved in a number of controversies, including price fixing and trust behaviour.

It is also known for its slogan “A diamond is forever”, which was subsequently commemorated in a James Bond novel and film adaptation.

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