Greenland to present at EIT/ERMA stakeholders day
TORONTO, Nov 5: Greenland Resources Inc (NEO: MOLY, FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that on Nov 30, 2022, the company plans to present at the EIT RawMaterials Innovation Hubs North and Baltic Sea Stakeholder Days in Helsinki, Finland, the Malmbjerg Molybdenum project located in central east Greenland. The event gathers mining companies, large industry suppliers, start-ups, and research institutes and calls for collaboration among the North and Baltic sea stakeholders to achieve a circular economy in the European Union Green Deal. The Raw Materials program can be found at EIT RawMaterials Innovation Hubs North and Baltic Sea Stakeholder Days.
The event is relevant because European Union (EU) suppliers will help Greenland Resources build a mine which is consistent with the new EU initiatives like the 300 billion euros EU Gateway that can help fund infrastructure needs for the EU circular economy. It also aligns with the recent 2022 State of the Union Address, where the EU President Ms Ursula von der Leyen revealed plans to create the Critical Raw Materials Act as well as to increase the financial support for the European Raw Materials Fund.
Efforts
Dr Ruben Shiffman, Chairman, commented, “In addition to our efforts of raising funds through infrastructure support programs, we continue to talk capex with commercial and supranational banks, with the valued support of the European Raw Material Alliance. Furthermore, we con
tinue to talk directly to molybdenum end users, roasters and potential strategic partners on selling our product on a long-term basis. In this way, EU steel and chemical companies will be able to get very clean high quality sustainable molybdenum from an EU associate country, produced with the highest ESG standards, and will be able to track every single pound of the molybdenum extracted in Greenland and comply with responsible sourcing policy”.
The European Institute of Innovation and Technology (EIT) RawMaterials, was initiated and funded by the European Union and has the overarching mandate to support securing the supply of critical and other strategically important raw materials to the European industry by driving innovation along the raw materials value chain. The European Raw Materials Alliance (ERMA), was launched by the European Commission in 2020 as part of an action plan aiming to reduce Europe’s raw
materials’ dependency on third countries, diversifying supply from both primary and secondary sources and improving resource efficiency and circularity while promoting responsible sourcing worldwide. ERMA is managed by EIT RawMaterials. Greenland Resources is part of the investment portfolio of ERMA.
Principal
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 world-class Climax type pure molybdenum deposit located in central east Greenland. The Malmbjerg molybdenum project is an open pit operation with an environmentally friendly mine design focused on reduced CO 2 emissions and water usage, low aquatic disturbance and low footprint due to modularized infrastructure with Proven and Probable Reserves of 245 million tonnes at 0.176% MoS 2, for 571
million pounds of contained molybdenum metal. The Malmbjerg project benefits from a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, which concluded an expected Base case after-tax IRR of 22.4%, NPV6% of US$1.17 billion ( 1.02 billion) and a Levered pre-tax IRR of 40.4%, after tax IRR of 33.8% and payback of 2.4 years.
The project had a previous exploitation license granted in 2009. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets.
Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition (World Bank, 2020; IEA, 2021). When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. Based on data from the International Molybdenum Association and the European
Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021 where the European Union (“EU”) as the second largest steel producer in the world used approximately 25% of global molybdenum supply and has no domestic molybdenum production. To a greater degree, the EU steel dependent industries like the automotive, construction, and engineering, represent around 18% of the EU’s ≈ US$16 trillion GDP. Greenland Resources strategically located Malmbjerg molybdenum project has the potential to supply in and for the EU approximately 25 million pounds per year, of environmentally friendly molybdenum from a responsible EU Associate country, for decades to come. The high quality of the Malmbjerg ore, having low impurity content in phosphorus, tin, antimony, and arsenic, makes it an ideal source of molybdenum for the highperformance steel industry lead worldwide by Europe, specifically the Scandinavian countries and Germany.