Greenland Resources provides Malmbjerg project update, Greenland
Greenland Resources Inc. [MOLY-NEO Exchange] provided an update on its continuing progress on the Malmbjerg molybdenum project, Greenland. The company expects 2024 to be an important year in the conclusion of capex (capital expenditures) and permitting.
Highlights: The company continues to have positive discussions with potential strategic partners and will provide an update in due course.
Following the company’s press release dated June 7, 2023, the company and the Canadian civil construction company Nuna Group of Companies are in discussions with Greenlandic construction companies to assist in the development of the Malmbjerg Molybdenum Project.
Greenland Resources focused on the development of its 100%-owned world-class Climax type pure molybdenum deposit located in east-central Greenland. 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 a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with Proven and Probable Reserves of 245 million tonnes at 0.176% MoS2, for 571 million pounds of contained molybdenum metal. As the high-grade molybdenum is mined for the first half of the mine life, the average annual production for years one to ten is 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23% MoS2, approximately 25% of EU total yearly consumption. The project had a previous exploitation license granted in 2009.
The Project is supported by the European Raw Materials Alliance (ERMA), a Knowledge and Innovation Community of the European Institute of Innovation and Technology (EIT), a body of the European Union.
Greenland Resources has the potential to supply in and for the EU approximately 25% of the EU consumption, of environmentally friendly high quality molybdenum from a responsible EU Associate country, for decades to come.