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Greenland Resources Receives Updated Draft Exploitation License for Molybdenum and Magnesium
TORONTO / Apr 22, 2025 / Business Wire / Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to provide an
About this update from Greenland Resources Inc.
[{"type":"text","content":"TORONTO / Apr 22, 2025 / Business Wire / Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to provide an update on the exploitation license process and inclusion of magnesium. The Company has received a final revised draft exploitation license from the regulators that includes positive resolution to certain comments referred in our press release dated January 20, 2025. Among others, the government notified the Company that magnesium was sufficiently substantiated and delineated and is now to be included together with molybdenum in the new draft exploitation license. The regulators will now submit a complete recommendation to the Government of Greenland (Naalakkersuisut) for approval. The signing of the exploitation license takes place in an in-person ceremony in Nuuk with representatives from the Company and the Minister. Magnesium is a light metal with a high strength-to-weight ratio, primarily utilized in the form of magnesium metal or magnesium compounds such as caustic-calcined magnesia, magnesium chloride, hydroxide and sulfates. Magnesium metal is primarily used as casting alloy in automotive and aerospace industries (64%), aluminum-base alloys for packaging and transportation (18%), and in the desulfurization of iron and steel (4%). Smelter production of magnesium metal in 2024 was 1 billion metric tonnes, 85% coming from seawater, while smelter capacity worldwide is double. Also, approximately 75% of magnesium compounds serve industrial purposes including fertilizers, cattle feed, Epsom salts, heat-resistant bricks, de-icing etc (USGS 2024). China produces 89% of the world magnesium and Europe sources 97% of its magnesium from China, with the remainder coming from countries including Russia, Israel, and Turkey (EC, 2023). Neither the U.S. nor the EU has domestic magnesium production, and both classify it as a critical or strategic mineral. In the U.S., the Department of Defense recently invested in a company that aims to extract magnesium from seawater using innovative technologies. In addition to the existing magnesium content in the ore, the Company is working on extracting magnesium from the saline water contained in the tailing management facility used to process ore. Greenland Resources Inc. Greenland Resources is a Canadian public company with the Ontario Secur...