Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that it submitted to the Greenland Minerals Licenses and Safety Authority an updated version of the Social Impact (the “SIA”) for the Malmbjerg Molybdenum Project in east Greenland (the “Project”).
The updated SIA incorporates the new legal provisions set under the Mining Act that came into effect in January 1, 2024; provides new positive community engagement updates that occurred since the last SIA submission press released January 3, 2023; and added the green power generation alternatives from the renewable energy report press released by the Company on December 18, 2023. Although the SIA is not part of the requirements to obtain an exploitation license under the new Mining Act, it remains an important regulatory requirement and is relevant for potential capex investors and offtakers.
The findings of the SIA are very positive for the local communities and stakeholders. When in production, the Project has the potential to become the largest public revenue generating source in Greenland for decades to come and largest molybdenum supplier to the EU Green Deal.
The Company also wishes to announce that it will be participating in the molybdenum symposium “from sustainable mining to high performance steels” in Vienna Austria organize by ASMET (see: https://asmet.org/event/mo4steel-from-sustainable-mining-to-high-performance-steels/).
