Outokumpu signs a LOI with Greenland Resources

Outokumpu has signed a letter of intent with Greenland Resources Inc. Outokumpu looks to support Greenland Resources, as it has completed a definitive feasibility study and is currently negotiating capex funding to build the mine. The letter of intent allows the companies to continue negotiations on further detailed cooperation.

Greenland Resources is developing one of the highest-grade molybdenum deposits in the world with an ore body that contains very few deleterious elements, in a high ESG standard jurisdiction part of Denmark. The Malmbjerg molybdenum project is an open-pit molybdenum mine that could supply around 25% of the European molybdenum demand.

The Malmbjerg molybdenum project has a low footprint due to modularized infrastructure, low CO2 emissions, low aquatic disturbance and clean contained tailings. The transport of 35,000 tonnes of ore per day uses a gravity-based aerial rope conveyor that requires no energy and therefore causes no carbon emissions and generates electricity from braking.

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