Special note on mineral resource

activities
With the Self-Government Act, the
Danish/Greenlandic relations regarding
mineral resource activities in Greenland
have radically changed. In November
2009 the Greenland Self-Government
authorities have decided to take over
responsibility for the mineral resource
area on 1 January 2010, whereby the
Self-Government authorities have
assumed the right to utilise the mineral
resources found in the subsoil.
Revenues from mineral resource
activities in Greenland are to accrue to
the Self-Government. Such revenues
will have influence on the size of the
Danish Government subsidy, cf. section
below on the economic arrangement.
In addition, the ownership status in the
hitherto jointly owned Nunaoil A/S has
altered, whereby the Danish
Government has transferred its 50 per
cent shareholding to the Self-
Government authorities for an amount
based on the Danish Government’s
ownership share of the registered
equity. The Danish Government
appoints a member to Nunaoil A/S’
Board of Directors and will continue to
do so until the Danish Government
subsidy to the Self-Government
authorities has been reduced to zero
kroner.