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Greenland Resources Applies for Exploitation License for Malmbjerg Molybdenum Project Under New Mining Act
TORONTO / Apr 02, 2024 / Business Wire / Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (Greenland Resources or the Company) is pleased to announce that t
About this update from Greenland Resources Inc.
[{"type":"text","content":"TORONTO / Apr 02, 2024 / Business Wire / Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (Greenland Resources or the Company) is pleased to announce that the Company has applied for an exploitation license under the new January 1, 2024 Mining Act (the “Mining Act”) in Greenland which replaces the prior Mineral Resources Act and provides a faster path towards the permitting of an exploitation license. The Company believes that the Mining Act is very positive and will accelerate capex financing, permitting and project development. Among other things, the requirements with regard to an EIA (Environmental Impact Assessment) and SIA (Social Impact Assessment) have been amended to provide that they may be fulfilled subsequent to grant of an exploitation license. The Mining Act requirements for the application of an exploitation license are a viable mineral deposit and Project Terms of Reference for an EIA/SIA that have been subject to public consultation and have been approved by the Government of Greenland. Greenland Resources has a viable mineral deposit as defined in the Malmbjerg NI 43-101 Definitive Feasibility Study completed by Tetra Tech, and has approved Terms of Reference for its EIA/SIA. Accordingly, the Company is eligible for and has applied for an exploitation license. Executive Chairman Dr. Ruben Shiffman noted, “The faster permitting route comes at the right time for our project as we are also advanced in the capex process with our UK financial advisors, where we expect further announcements to be made. March was a busy month for the Greenland mining sector. Our Company was awarded the Greenland Prospector and Developer of the year during PDAC, the European council adopted the Critical Raw Materials Act (CRMA), and the President of the European Commission Ursula von der Leyen together with the Prime Minister of Greenland and Denmark were in Greenland inaugurating the EU office on the back of the EU-Greenland MOU on sustainable Raw Materials. The CRMA and MOU propose to accelerate mining permitting and aim for EU investments in strategic mining projects. Greenland is partnering with liked-minded countries and its new Mining Act reflects its commitment to the local mining industry and the EU Green Deal.” Greenland Resources Inc. Greenland Resources is a Canadian public company with the Ontario Securities Commission ...