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Greenland Resources Receives Letter of Interest to Finance up to US$275 Million Capex
TORONTO / Feb 21, 2025 / Business Wire / Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce th
About this update from Greenland Resources Inc.
[{"type":"text","content":"TORONTO / Feb 21, 2025 / Business Wire / Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that further to its press releases dated December 19, October 15, and October 1, 2024, where the Company announced significant progress on the debt portion of the capex, the Company has now received a letter of interest (“LOI”) from Export Development Canada (“EDC”), a Canadian Crown corporation wholly owned by the Government of Canada. This LOI provides an indication of interest to support the Company as a Mandated Lead Arranger, for the development and construction of the project in an amount up to USD$275 million. EDC’s support is based upon several factors such as the Canadian content of the project, which includes a Canadian world class civil engineering construction company majority Canadian Inuit owned, who are aiming to build the mine and train the Greenlandic people in similar language and traditions. Further due diligence of the project is required before the offer can become binding. EDC carries the credit rating of the Canadian government, being AAA by S&P and Moody's and can bring significant value into the transaction. Executive Chairman Dr. Ruben Shiffman noted, “Canada leads the world on sustainable mining and so does EDC among the world top mining export credit agencies, we are very grateful for EDC’s show of support. The project will bring prosperity to the Canadian and Greenlandic industry and their Inuit population as well as long term world security supply of one of the scarcest metals under the crust of the earth. We continue to make good progress with our financial advisor, Endeavour Financial, to progress the remaining project funding required to begin construction when permits are received.” Greenland Resources Inc. Greenland Resources is a Canadian public company with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100% owned Climax type primary molybdenum deposit located in central east Greenland. The Project has copper and also magnesium, a market dominated 98% by China. The Malmbjerg molybdenum project is an open pit operation with an environmentally friendly mine design focused on reduced water usage, low aquatic disturbance and low footprint due to modularized infrastructure. The Malmbj...