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Greenland Resources Signs Letter of Intent With Outokumpu to Strengthen Their Future Supply Chain of Low-Emission High-Quality Molybdenum
TORONTO / Oct 06, 2023 / Business Wire / Greenland Resources Inc. (NEO: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce the Co
About this update from Greenland Resources Inc.
[{"type":"text","content":"TORONTO / Oct 06, 2023 / Business Wire / Greenland Resources Inc. (NEO: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce the Company has signed a letter of intent (“LOI”) with Outokumpu Europe Oy (“Outokumpu”) for the supply of a significant amount of molybdenum from the Malmbjerg molybdenum project (the “Project”). Outokumpu is a major global stainless steel producer and one of the largest molybdenum consumers worldwide and has a long history as a mining company before focusing on stainless steel. Greenland Resources sees a very good fit on Outokumpu and looks forward to continuing negotiations on further detailed cooperation. A joint press release from Outokumpu can be found in their website at www.outokumpu.com. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231006198788/en/ Outokumpu, the global leader in sustainable stainless steel, has been exploring opportunities to secure sustainable molybdenum supplies from western suppliers – as a part of its long-term strategy for value-chain integration. Molybdenum is a critical and strategically important raw material for Outokumpu’s stainless steel production. Greenland Resources has therefore signed an LOI with Outokumpu, with the goal of providing molybdenum oxide and carbon-free briquettes from the Project. Greenland Resources is developing one of the highest grade molybdenum deposits in the world with an ore body that contains very few deleterious elements, in a high ESG standard jurisdiction part of Denmark, some 2,300 km west of Helsinki. The Project is supported by European Institute of Innovation and Technology (EIT) RawMaterials and European Raw Material Alliance (ERMA), a body of the European Union, as per their press release of September 23, 2023. The Project is an open-pit molybdenum mine that could supply around 25% of the European molybdenum demand. Europe is the second largest molybdenum user worldwide and has no production of its own. The Project is planned to have a low footprint due to modularized infrastructure, low CO2 emissions, low aquatic disturbance and clean contained tailings. The transport of 35,000 tonnes of ore per day uses a gravity based aerial rope conveyor that requires no energy and therefore generates no carbon emissions and generates electricity from br...