Business
Greenland Resources Provides Malmbjerg Permitting Update
TORONTO / Dec 12, 2022 / Business Wire / Greenland Resources Inc. (NEO: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) following its press release d
About this update from Greenland Resources Inc.
[{"type":"text","content":"TORONTO / Dec 12, 2022 / Business Wire / Greenland Resources Inc. (NEO: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) following its press release dated October 7, 2022, is pleased to announce a permitting update on its Malmbjerg Molybdenum Project in central east Greenland (the “Project”). The Company also wishes to note that the closing spot price for Molybdenum on December 9, 2022 at the London Metal Exchange was US$23.78/lb. The highest molybdenum price used in the Company’s NI 43-101 Feasibility Study sensitivity analysis was US$22.50/lb showing an after-tax base case IRR of 30.9% with an NPV6 of US$1.96 billion, and an after-tax levered case IRR of 46.5%. Highlights NI 43-101 Definitive Feasibility Study completed, and SEDAR filed on April 11, 2022 Terms of Reference (ToR) for the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) approved by the Government of Greenland (Naalakkersuisut) on September 29, 2022 Revised version of the Navigational Safety Investigation report submitted on November 18, 2022 Nearly eighteen months of recent field work EIA studies correlated with over thirteen years of extensive historical environmental data in the area where the project is located is now completed SIA data collection was completed and extensive regulatory informative meetings with stakeholders in Greenland were conducted and documented during the months of November and December 2022 The Company plans to submit the EIA and SIA to the relevant authorities within the next few weeks and will commence the regulatory review process, followed by public consultation, White Paper, and final EIA / SIA Dr. Ruben Shiffman, Chairman, commented, “We have been working on the permitting process for the past three years and are very pleased we are at this final stage. Feedback from stakeholders has so far been very positive. For example, even though there is no hunting or fishing in the Project’s area, in our recent regulatory stakeholders meetings, the Hunters and Fishing Association of the two nearby communities 190 km and 900 km away respectively, have expressed optimism that they expect to have more business as demand for food increases. Transport and communications are expected to improve in the area, and local townspeople will have the opportunity to obtain new life skills in careers such as operators, geo...