Greenland Resources’ Malmbjerg Molybdenum Project in East Greenland gains support

June 22, 2022

The European Raw Materials Alliance (ERMA) has announced that it will support Greenland Resources Inc, headquartered in Toronto, Ontario, USA, in securing finance for Greenland Resources’ Malmbjerg Molybdenum Project and strengthening relationships with downstream molybdenum users in the EU industry ecosystem.

Greenland Resources is a public company with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100% owned, world-class, Climax-type pure molybdenum deposit located in central east Greenland. Located in East Greenland, the Malmbjerg project is said to have the potential to supply 23% of Europe’s total molybdenum demand for twenty years.

Molybdenum is an important alloying element for steel production, increasing its corrosion resistance and high-temperature strength. This makes it a critical material for the steel-dependent industries in the EU, which represent close to 18% of the bloc’s GDP.

Due to the few deleterious elements in the Malmbjerg ore body, it is said to be an ideal source of clean molybdenum for the high-performance steel industry, which is led worldwide by Europe, specifically by Germany and the Scandinavian countries. Europe is reported to be the second-largest global molybdenum user but has no production of its own. It is hoped that the Malmbjerg Molybdenum Deposit will change that by securing a preferred supply chain option for the EU. The operation is focused on reducing its environmental footprint every step of the way, from mine design, processing, and shipping, to reclamation.

Bernd Schäfer, CEO and Managing Director of EIT RawMaterials, which manages ERMA, commented, “The Russian invasion of Ukraine has increased the urgency for Europe to transit to green energy. We need molybdenum that is produced to the highest of ESG standards possible to make that happen. Today we rely fully on external supply. We need reliable European production to guarantee the safety of our supply and the sustainability of our future.”

It is anticipated in the coming decades, that the Green Energy transition will significantly increase the global demand for molybdenum, a critical material in the manufacture of clean renewable energy generation and storage technologies such as wind, geothermal, solar, nuclear, and hydro. The project is ideally suited for ERMA, whose main objectives are to reduce European dependency on strategic and critical raw materials from outside Europe and promote environmental, social and governance (ESG) standards.

Dr Ruben Shiffman, Executive Chairman of Greenland Resources, stated, “European steelmakers are world leaders in the production of high-performance steels, which enhance efficiency in power generation, transport, mobility, and construction. Stronger steel means lower product weight, less raw material consumption, less waste, and lower cost. The unique, high quality of the Malmbjerg ore, with low impurity content in phosphorus, tin, antimony, and arsenic, is crucial for the production of high-performance steel, the future of steel.”

“Malmbjerg has the potential to become the most environmentally friendly source of sustainable molybdenum in the world,” continued Shiffman. “The company’s unique mine design emphasises environmental protection with a low footprint due to modularised infrastructure; an aerial rope conveyor that produces no CO2 and generates its own power through regenerative braking; the use of recycled saltwater as process water means no pressure on freshwater supply, and the low aquatic disturbance by shipping concentrate to Europe up to three months a year.”

Massimo Gasparon, Director of ERMA said, “In terms of social impact, the project is expected to contribute very positively to the development of a remote region of east Greenland, thus opening opportunities for further activities. The project can significantly reduce unemployment in Greenland and help people obtain new life skills. The company has an excellent track record in social responsibility, having supported local communities and the development of local facilities and infrastructures.”

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