Greenland Resources Inc. (NEO:MOLY, FSE:M0LY) has received the first of two Government approvals needed to obtain an exploitation license for the Malmbjerg Molybdenum Project in Greenland.
The Government of Greenland, as per the recommendation of the Ministry of Mineral Resources (MMR) and the Environmental Agency for Mineral Resource Activities (EAMRA), has now approved the Terms of Reference (ToR) for the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) for Malmbjerg.
“We thank the Greenland Government and local stakeholders for their ongoing support. Our contribution to Greenland will dramatically increase as we advance the project,” Chairman, Dr. Ruben Shiffman, said.
“We are in good shape in the permitting process and molybdenum is trading at a 13 year high despite current economic and energy crisis. The Company has now aligned goals with Greenland in securing raw materials for the European Union.
“Greenland, an Associate EU member is now also member is also a member of the European Raw Material Alliance (ERMA), a EU body responsible to secure strategic minerals for the EU Green Deal. Also, our Malmbjerg Molybdenum Project recently received strategic support from ERMA.
The second part of the process involves: the approval of the EIA/SIA that follows a similar process as the one described above for the ToR EIA/SIA; the submission of the Navigational Safety Investigation report (NSI); and the signing of an Impact Benefit Agreement (IBA).
As per the company’s NI 43-101 Definitive Feasibility Study, the Malmbjerg Molybdenum Project has the potential to generate life of mine taxes and royalties of more than US$700 million to the Greenland Government as well as significantly reduce unemployment. Greenland relies on 3.6 billion Danish kroner (US$481 million) in subsidies annually from Denmark, which is some 60 percent of Greenland annual budget.
The Malmbjerg Molybdenum Project has the potential to help Greenland and help the European Green Deal with high quality, and high ESG responsible sourcing molybdenum. Molybdenum is a metal that is used in all green energy transition technologies.
Europe is the second largest user of molybdenum in the world but has no molybdenum production of its own.
The company continues discussion with potential strategic partners and molybdenum end users and will update the market in due course.
For further information please visit: https://www.greenlandresources.ca/
