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Greenland Resources Offers Summer Update on Progress

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Greenland Resources Provides Summer Update on Progress

Greenland Resources Inc. (NEO: MOLY | FSE: M0LY) is pleased to share the latest summer progress on its Malmbjerg Molybdenum Project. The company remains active in the process of securing debt and equity financing for capital expenditures, with ongoing discussions with banks that have expressed interest. Molybdenum prices have been performing well, reaching nearly 40% higher than the base case price used in the company's feasibility study.

Field Work and Financial Advisors

Greenland Resources has conducted multiple trips to Greenland this summer. The first trip included a visit to the project site by a global integrated mining company, along with field work conducted by WSP Denmark. The second trip involved taking a mini bulk sample for further metallurgical testing, while the third trip consisted of financial advisors visiting the project site to meet the requirements of interested banks. Draft reports for the banks are expected to be ready in September.

Project Updates and Environmental Studies

Upcoming trips include meetings with the Minister of Mineral Resources and discussions with the Environmental Agency for Mineral Resource Activities (EAMRA) to provide project updates and progress on permitting. Environmental studies will also continue, with plans to collect additional water samples from the planned Noret tailings management facility.

Partnerships and EU-Greenland Strategic Partnership

Greenland Resources has closed financing with a leading asset management and private equity company in Denmark. The company has also expanded its financial sponsorship agreement to support the local community of Ittoqqortoormiit. Additionally, the Greenland government has invited the company to present the project at an upcoming EU-Greenland strategic partnership event in October.

Energy Alternatives and Industry Engagement

The company has engaged COWI A/S, an international engineering and environmental consulting group, to explore wind and solar energy alternatives. The study looks promising and aligns with the company's commitment to decarbonization. Greenland Resources is also scheduled to attend the International Molybdenum (IMOA) Annual General Meeting in Chile, providing an opportunity to engage with metallurgical steel and chemical companies. In conclusion, Greenland Resources continues to make progress on its Malmbjerg Molybdenum Project, with ongoing financing discussions, field work, and engagement with stakeholders. The company's commitment to environmental considerations and energy alternatives positions it well for future success in the molybdenum industry. The recent update from Greenland Resources Inc. on their Malmbjerg Molybdenum Project offers a wealth of insights for new businesses in the mining sector. The company's active pursuit of debt and equity financing for capital expenditures, coupled with the rising molybdenum prices, underscores the critical importance of robust financial planning and market awareness for success. Their extensive field work and engagement with financial advisors demonstrate the necessity of hands-on involvement and expert consultation in project development. Moreover, the company’s ongoing dialogue with the Minister of Mineral Resources and the Environmental Agency for Mineral Resource Activities (EAMRA) highlights the importance of maintaining strong relationships with regulatory bodies and prioritizing environmental considerations. This is further reinforced by their commitment to exploring wind and solar energy alternatives, reflecting the increasing demand for sustainable practices in the industry. Greenland Resources' strategic partnerships, both locally and with the EU, underscore the value of fostering strong alliances and community engagement. Their upcoming presentation at the EU-Greenland strategic partnership event could serve as a model for new businesses seeking to gain visibility and credibility. In essence, Greenland Resources' progress offers a roadmap for new businesses, emphasizing financial strategy, environmental responsibility, and strategic partnerships.
Story First Published at: https://financialpost.com/pmn/business-wire-news-releases-pmn/greenland-resources-provides-summer-update
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