Business
Greenland Resources to Present in the EU-Greenland Business Mission in Nuuk
TORONTO / Aug 29, 2024 / 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 / Aug 29, 2024 / Business Wire / Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that it will present the role of its Malmbjerg project in the EU-Greenland raw materials value chain and its establishment of critical renewable energy infrastructure in east Greenland at the EU-Greenland Business Mission on Investments and Innovation in Sustainable Raw Materials and Renewable Energy on October 1, 2024 in Nuuk. Business meetings on investment opportunities in the framework of the EU Global Gateway strategy in relation to the Malmbjerg project have been scheduled. The event is co-organised by the European Commission and the Government of Greenland and will primarily target graphite, molybdenum, and anorthosite value chains, as well as Greenland’s renewable energy potential. The business mission will bring together policymakers, financial institutions and business representatives that include the European Commission, the European Investment Bank, the Government of Greenland, as well as other relevant sovereign funds and stakeholders. The Company also wishes to note that communication with the Greenland regulators has been ongoing related to the exploitation license approval process which is progressing positively. In addition, the processes on the settlement of offtakes and capex financing are also progressing in tandem as planned. The Company will provide updates in due course. 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 also contains copper and magnesium. 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...