Business
Greenland Resources Signs MOU With Italian Cogne for Molybdenum Supply
TORONTO / May 20, 2025 / Business Wire / Greenland Resources Inc. (NEO:MOLY, FSE:M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that it s
About this update from Greenland Resources Inc.
[{"type":"text","content":"TORONTO / May 20, 2025 / Business Wire / Greenland Resources Inc. (NEO:MOLY, FSE:M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that it signed a memorandum of understanding (“MOU”) for long term molybdenum supply with Cogne Acciai Speciali S.p.A., a global leading Italian company in the special steel and long stainless steel industry. The MOU is non-binding but sets the path for a long-term supply agreement of Ferromolybdenum and Mo-oxide with extraction in Greenland and roasting in Belgium. Cogne will be able to ensure a stable and responsibly sourced long term secured molybdenum supply with high sustainability standards and low scope 1&2 emissions from an EU associate country. The EU is the second largest molybdenum user worldwide and has no extraction. Italy is the second largest user of molybdenum in the EU, after Germany. The Italian government recently established a strategic equity raw materials fund aiming to enhance Italy's industrial autonomy and contribute to the energy transition and circular economy. About Cogne Cogne Acciai Speciali is a world leader in the production of long stainless steels and nickel alloys, Cogne produces a wide and diversified range of special steels destined for use in high-tech sectors, guaranteeing highest quality products certified to rigorous international standards. For a virtual tour visit https://www.cogne.com/en/chi-siamo-cogne 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 also magnesium as a bi-product, a market dominated 89% 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 Malmbjerg project benefits from an NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with an US$820 million capex and a levered after-tax IRR of 33.8% and payback of 2.4 years, using US$18 per pound molybdenum price. The Proven and Probable Reserves are 245 million tonnes at 0.176% MoS2, for 571 million pounds of contained molybdenum metal. As the high-grade mo...