The move is a blow to attempts by Chinese companies to gain a foothold on the resource-rich Arctic island

then

The licence was withdrawn because of inactivity at the site, the government said in a statement, adding it will be offered to new interested companies once it has formally been handed back. The company also failed to make the agreed guarantee payments, it said.

Is it really a blow to Chinese companies if they apparently look like they're not interested at exploiting those resources?