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European Raw Materials Alliance Supports Greenland Resources in Development of the Malmbjerg Molybdenum Project in East Greenland
TORONTO / Jun 13, 2022 / Business Wire / Greenland Resources Inc. (NEO:MOLY/FSE:M0LY) (“Greenland Resources” or the “Company”) is pleased to note the press rele
About this update from Greenland Resources Inc.
[{"type":"text","content":"TORONTO / Jun 13, 2022 / Business Wire / 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”), reproduced and attached below. The Company is grateful to receive support from a body of the European Union whose main objectives are to reduce European dependency on strategic and critical raw materials from outside Europe and promote environmental, social and governance standards. Greenland Resources looks forward to working with ERMA as we move the Malmbjerg Molybdenum Project to commercial production. BERLIN, 13 June - The European Raw Materials Alliance (ERMA) is pleased to announce that it will support Greenland Resources Inc. (NEO:MOLY/FSE:M0LY) in securing finance for the Malmbjerg Molybdenum Project and strengthening relationships with downstream molybdenum users in the EU industry ecosystem. Currently, Europe is the second-largest global molybdenum user but has no production of its own. The Malmbjerg Molybdenum Deposit will change that. In the coming decades, the Green Energy transition will significantly increase the global demand for molybdenum, a critical material in the manufacture of clean renewable energy generation and storage technologies such as wind, geothermal, solar, nuclear, and hydro. The project is ideally suited for ERMA, whose main objectives are to reduce European dependency on strategic and critical raw materials from outside Europe and promote environmental, social and governance (ESG) standards. Bernd Schäfer, CEO and Managing Director of EIT RawMaterials, which manages ERMA commented: “The Russian invasion of Ukraine has increased the urgency for Europe to transit to green energy. We need molybdenum that is produced to the highest of ESG standards possible to make that happen. Today we rely fully on external supply. We need reliable European production to guarantee the safety of our supply and the sustainability of our future.” Located in east Greenland, a low-risk, responsible EU associate country, the Malmbjerg project has the potential to supply 23% of Europe’s total molybdenum demand for 20 years. Molybdenum is an important alloying element for steel production, increasing its corrosion resistance and high-temperature strength. This makes it a critical material for the steel-dependent...