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Finnvera and Greenland Resources Inc. Sign Letters of Intent for Financing Capex

Oct 01, 2024•over 1 year ago

Contract Type

agreement

TorontoOtherMineral

Description

Greenland Resources Inc. has received two letters of intent (“LOIs”) from the state-owned Finnish Export Credit Agency (ECA), Finnvera. The LOIs indicate the interest to support the Company for a credit guarantee for the export of Finnish equipment for the project's construction and operation, and a raw material guarantee relating to offtake agreements for the import of molybdenum products into Finland.

Company Information

Company

Greenland Resources

Location

25 YORK STREET SUITE 1810

Toronto, Ontario, Canada

About

Greenland Resources, a Canadian public company regulated by the Ontario Securities Commission, owns 100% of the Malmbjerg molybdenum deposit in east-central Greenland, an open-pit project designed for low environmental impact. A 2022 NI 43-101 Feasibility Study by Tetra Tech estimates US$820M capex, a 33.8% after-tax IRR, and 2.4-year payback at US$18/lb molybdenum, with 245M tonnes of Proven and Probable Reserves (571M lbs molybdenum). High-grade ore mined in the first decade will yield 32.8M lbs annually—about 25% of EU yearly demand and 100% of EU defence needs. The project also targets magnesium recovery from saline water and concentrate, with both molybdenum and magnesium covered under an exploitation license granted June 19, 2025. Headquartered in Toronto, the company’s leadership has deep mining and capital markets expertise.

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