Greenland applies for exploitation licence at Malmbjerg
2024-04-02 13:50 ET - News Release
Dr. Ruben Shiffman reports
GREENLAND RESOURCES APPLIES FOR AN EXPLOITATION LICENSE FOR THE MALMBJERG MOLYBDENUM PROJECT UNDER THE NEW MINING ACT
Greenland Resources Inc. has applied for an exploitation licence under the new Jan. 1, 2024, Mining Act in Greenland which replaces the prior Mineral Resources Act and provides a faster path toward the permitting of an exploitation licence.
The company believes that the Mining Act is very positive and will accelerate capex financing, permitting and project development. Among other things, the requirements with regard to an EIA (Environmental Impact Assessment) and SIA (Social Impact Assessment) have been amended to provide that they may be fulfilled subsequent to grant of an exploitation license.
The Mining Act requirements for the application of an exploitation license are a viable mineral deposit and Project Terms of Reference for an EIA/SIA that have been subject to public consultation and have been approved by the Government of Greenland. Greenland Resources has a viable mineral deposit as defined in the Malmbjerg NI 43-101 Definitive Feasibility Study completed by Tetra Tech, and has approved Terms of Reference for its EIA/SIA. Accordingly, the company is eligible for and has applied for an exploitation license.
Executive Chairman Dr. Ruben Shiffman noted, "The faster permitting route comes at the right time for our project as we are also advanced in the capex process with our UK financial advisors, where we expect further announcements to be made. March was a busy month for the Greenland mining sector. Our company was awarded the Greenland Prospector and Developer of the year during PDAC, the European council adopted the Critical Raw Materials Act (CRMA), and the President of the European Commission Ursula von der Leyen together with the Prime Minister of Greenland and Denmark were in Greenland inaugurating the EU office on the back of the EU-Greenland MOU on sustainable Raw Materials. The CRMA and MOU propose to accelerate mining permitting and aim for EU investments in strategic mining projects. Greenland is partnering with liked-minded countries and its new Mining Act reflects its commitment to the local mining industry and the EU Green Deal."
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 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 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. With offices in Toronto, the company is led by a management team with an extensive track record in the global mining industry, capital markets, and environmental and social governance. For further details, please refer to our web site (www.greenlandresources.ca) and our Canadian regulatory filings on Greenland Resources' profile at www.sedarplus.com.
The Project is supported by the European Raw Materials Alliance (ERMA) as stated in their press release September 23, 2023., a Knowledge and Innovation Community of the European Institute of Innovation and Technology (EIT), a body of the European Union.
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