CEOAFRICA gathered that Greenland has awarded UK-based Company London Mining a 30-year licence to build and run a giant iron ore mine.

According to the London Mining, the mine was expected to produce 15m tonnes a year of "very high quality iron ore concentrate to the global steel industry” and would need investment partners for the multi-billion dollar project.

The source said the iron ore deposit is located 150km (about 90 miles) from Nuuk, the capital of Greenland and the ore concentrate could be shipped year round from a dedicated deep water port.

Moreover, some opponents are quoted to have remarked that the open-cast mine will cause environmental damage; and that others are concerned about plans to bring in up to 3,000 mainly Chinese workers.

However, the Greenland government hopes the mine will boost the economy, which is largely dependent on fishing and subsidies from Denmark.