China-based General Nice Development will acquire London Mining Greenland’s Isukasia mine in Western Greenland.

London Mining entered into administration in October last year after it was hit by slump in iron ore prices and failed to find a suitable buyer.

Operations at London Mining Greenland will continue as usual under the new ownership.

Work on the project will resume following the receipt of required licenses and approvals.

The mine is expected to take around three and half years to complete, and is estimated to operate for 15 years.

London Mining Greenland, the Government of Greenland and the Qeqqata Kommunia and Kommuneqarfik Sermersooq municipalities are discussing an impact benefit agreement, and details of the exploitation and closure plans.

General Nice owns iron ore project in Russia and Western Australia and a copper mine producing iron ore in South Africa.