RE:Article Notes Mining finally profitable in Greenland.Thanks for posting this! The only mine that is operational in Greenland is the ruby mine. I wonder if this caused the rally?
According to that article:
On January 1, 2019, money will be deposited for the first time for the raw material fund. For now, for two consecutive years, income has been enough for the treasury so that it triggers payments to the fund.
The law on the raw material fund states that payments must start when the national treasury has had raw material income of over NOK 10 million for two consecutive years.
I did a little digging and I found this:
https://www.idexonline.com/FullArticle?Id=39898
In March, the government of Greenland awarded True North Gems Inc. an exclusive 30-year mining license for the Aappaluttoq ruby deposit.
Under the terms of the mining license, True North has agreed to pay a gross revenue royalty to the government of Greenland of 5.5 percent on all sales of rubies and pink sapphires exploited from the deposit.