New foreign investors will take part in searching for gold in Iceland with added funding in cooperation with local company Melmir, as reported this week. The National Energy Authority has extended Melmir’s permit for searching for precious metals.
The investors will contribute several hundred millions of ISK to research. In turn, they earn the right to be part of the production process, if gold is found in high enough quantities, according to Morgunblaðið’s sources.
The new research permit is valid until 2016 and includes nine areas, such as Þormóðsdalur valley near Reykjavík and Vatnsdalur valley in Northwest Iceland, fewer than were included in the permit which has now expired.