Greenland firm sees rare earth metals potential

COPENHAGEN, July 21 (Reuters) - Greenland mining company NunaMinerals (NUNA.CO: Quote) said on Wednesday that magnetic and radiometric surveys showed potential for extracting rare earth elements (REEs) in two of the company's licence areas.

REEs, also called rare earth metals, have a variety of technological and industrial applications, from motor magnets for hard disk drives, CD ROMS and DVDs to batteries for hybrid cars and as a catalyst in petroleum refining.

China is the world's leading producer and consumer of REEs, though rare earth resources are found on all continents. [ID:nLDE65R0ZA]

Nuuk, Greenland-based NunaMinerals said in a statement that surveys confirmed prospectivity for REEs at its Tikiusaaq licence and Qeqertaasaq licence.

"These targets are currently being explored on the ground," NunaMinerals said. "Analytical results are expected during August 2010."

Copenhagen-listed NunaMinerals shares traded up 1.5 percent at 208 Danish crowns by 0805 GMT, outperforming the market.

(Reporting by John Acher)