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Greenland Resources Updates on Initiatives of the European Union

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Greenland Resources Inc. announced that the European Union and the Government of Greenland signed on November 30, 2023 a strategic partnership to help the development of sustainable raw materials projects and to deploy infrastructure required to develop them. The partnership is in line with the Global Gateway strategy, a key EU initiative for investments in high quality projects, through which Team Europe is planning to mobilize up to €300 billion. 

Subsequent to that, by invitation of the Executive Vice-President for the European Green Deal, Interinstitutional Relations and Foresight Maros Šefčovič and Commissioner for Internal Market Thierry Breton, the Company participated on December 8, 2023 in a high-level round table of raw materials companies at the European Commission’s headquarters in Brussel. The purpose was to discuss how the European Commission can best support potential strategic raw materials projects and speed up their development.

The Company believes that these events and the strong interest expressed by the multiple EU metallurgical steel and chemical companies and EU molybdenum processor that signed documentation related to molybdenum offtakes with Greenland Resources are positive for the development of the Malmbjerg molybdenum project in Greenland. The EU is the second largest molybdenum user worldwide, has significant processing capacity and high-quality end users but has no extraction. The Malmbjerg project will close the EU circularity gap with very high quality and sustainable molybdenum.

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Source: Business Wire

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