Greenland Resources signs Advisory Agreement for Malmbjerg Project, Greenland
Greenland Resources Inc. [NEO: MOLY] has signed an advisory agreement with Rasmussen Global to complement the Malmbjerg Project existing funding strategy through potential strategic supranational partners, including the North Atlantic Treaty Organization (NATO) Innovation Fund and the European Defense Fund. Rasmussen Global was founded and is chaired by Anders Fogh Rasmussen, the former Prime Minister of Denmark and former Secretary General of NATO.
The project is strategically located in east-central Greenland and based on its current NI 43-101 Feasibility Study, can supply some 25% of the European Union (EU) total molybdenum consumption for decades to come including nearly all the EU defense needs. Currently, the EU is the second largest molybdenum user in the world and has no molybdenum production.
Molybdenum is considered a critical and/or strategic mineral across the world top five defense nations leading the 2025Â Global Power Index, (Defense Logistics Agency of the United States (US) Department of Defense, China, Russia, India, anp
 has the potential to supply magnesium metal as a by-product. Currently, China produces 85% of the world magnesium, neither the US nor the EU have magnesium and both list it as a critical mineral.
Rasmussen Global was founded in 2014 by Anders Fogh Rasmussen following his time as Secretary General of NATO. With decades of experience at the highest levels in key capitals, European institutions, NATO, and governments on both sides of the Atlantic, Rasmussen Global advises clients on transatlantic issues, international affairs, and public policy.
Greenland Resources is a Toronto-based public company and is focused on the development of its 100%-owned Climax-type primary molybdenum deposit in Greenland. The project has copper and magnesium, a market dominated 98% 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/lb 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 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/year of contained molybdenum metal at an average grade of 0.23% MoS2, approximately 25% of EU total yearly consumption.
The company is working with a syndicate of AAA credit rated export credit agencies on capex financing and applied in 2024 for an exploitation license.
The project is supported by the European Raw Materials Alliance (ERMA). ERMA is managed by EIT RawMaterials, an organization within the EIT, a body of the European Union.