Greenland Resources Inc. and its fully owned Greenlandic subsidiary Greenland Resources A/S (Greenland Resources) announced that the Greenland’s Minister for Business, Mineral Resources, Energy, Justice and Gender Equality, Naaja H. Nathanielsen, together with Dr Ruben Shiffman, Chairman of the Board of Directors of Greenland Resources, signed a 30-year exploitation permit for molybdenum and magnesium for the Company’s Malmbjerg project in east Greenland (now defined as the Piiaaffik Høstakken). The Company can apply to extend the licence period up to 50-years.
The Company will continue working on the remaining requirements that can be fulfilled subsequent to the grant of the exploitation license. Mining activities must commence no later than December 31, 2028. The Company’s strategy focuses on servicing mainly the European Union (EU) market.