Business
ERMA and Greenland Resources Mark Successful Partnership Advancing Responsible Mining in Europe
Greenland Resources Inc. (NEO: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to note the press release by the European Raw Materials All
About this update from Greenland Resources Inc.
[{"type":"text","content":"Greenland Resources Inc. (NEO: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to note the press release by the European Raw Materials Alliance (ERMA) and EIT RawMaterials, a body of the European Union, reproduced below and posted in their website www.erma.eu. Greenland Resources looks forward to working with ERMA as we move the Malmbjerg molybdenum project to commercial production. BERLIN / Sep 25, 2023 / Business Wire / The European Raw Materials Alliance (ERMA) and Greenland Resources highlight their successful collaboration on the Malmbjerg molybdenum project, a prime example of cross-regional mining for a secure and sustainable European raw materials value chain for the Green Deal. Outstanding collaboration supporting ESG standards and EU circularity. The Malmbjerg molybdenum project, exemplifying responsible mining practices with top-tier Environmental, Social, and Governance (ESG) standards, will supply high-quality molybdenum to meet a substantial portion of Europe's demand. Notably, among the world’s largest molybdenum producers—China, USA, Chile, Peru, Mexico— Greenland leads in education and health spending as a percentage of GDP and boasts the lowest poverty rates. The outstanding collaboration with ERMA has allowed Greenland Resources to sign documentation on offtake agreements directly with six major EU metallurgical steel and chemical companies as well as secure letters of intent to finance the Malmbjerg molybdenum project capex from AAA credit-rated financial institutions like the Export and Investment Fund of Denmark (EIFO) among other development banks, and commercial banks like Deutsche Bank AG. ERMA has also played an important role in securing documentation with major European and Canadian mining equipment suppliers like Danish FLSmidth A/S and Austrian Doppelmayr Transport Technology GmbH. Malmbjerg molybdenum project will answer 25% of Europe’s total molybdenum demand. Molybdenum is a fundamental element in the manufacturing of all clean renewable energy technologies such as wind, geothermal, solar, and hydro, as well as in the manufacturing of most mining equipment, making it vital for Europe’s Green Transition. Currently, China produces around 45% of world’s molybdenum while the EU is the second largest molybdenum user worldwide and has no production of its own. Greenland Resources ...