Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) has announced that, following its submissions on January 3, 2023, and May 8, 2024, the Greenland government has approved the Social Impact Assessment (SIA) for its Malmbjerg molybdenum project. With this approval, final translations into Greenlandic and Danish can begin.
The SIA, conducted by WSP Denmark, rated the project’s impact as highly positive, especially in terms of job creation, educational opportunities, and economic contributions. Negative social impacts, including those on local land use, were rated as low. Although the project site is uninhabited and lies 185 km from the nearest settlement, it has significant potential to boost eastern Greenland’s economy, creating 250-500 local jobs, fostering skill development, building critical infrastructure, and generating renewable energy. The project could contribute nearly $100 million in taxes annually for two decades, making it a substantial source of national revenue.
Greenland Resources is also preparing for key industry events to present the Malmbjerg project and engage with stakeholders, including meetings in Vienna, Nuuk, and Brussels, to discuss sustainable mining and critical mineral investments.
About Molybdenum and the European Union
Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition. 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 24% 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% of the EU consumption, of environmentally friendly high-quality 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 high-performance steel industry lead worldwide by Europe, specifically the Scandinavian countries and Germany.
Forward-Looking Statements
This release includes forward-looking statements based on current assumptions and subject to risks such as operational changes, market conditions, and regulatory factors. The company cautions that actual results may differ from expectations and does not assume any obligation to update this information.
For more information, visit Greenland Resources’ website and regulatory filings on SEDAR+ Canada.
