The company’s 2020 annual report highlights the progress made at the flagship Kvanefjeld Project and the potential it has to be a key plank in the global supply of rare earth materials.
GGG shares rose 9% on the news to A$0.19 while the market cap sits at around A$234.7 million.
EIA ticked off, consultation underway
Greenland Minerals chairman Anthony Ho told investors the company was in a strong position ahead of the remaining three quarters of 2021.
“Substantial progress was achieved during the year in advancing our Kvanefjeld project with the completion of the environmental impact assessment (EIA) and the acceptance of the EIA by the Greenland Government,” he said.
“The public consultation will provide an opportunity for us to present the project to the Greenland community and stakeholders and to explain the project and its benefits to the present and future citizens of Greenland.”
Magnet metals opportunity
Rare earth materials are crucial to the green energy revolution, as they form part of the motors, batteries and generators that power things like electric vehicles, wind turbines, portable electronics and much more.
Rare earth magnets are made from alloys of rare earth elements, which include neodymium, praseodymium, dysprosium, terbium and 13 other lustrous, silvery-white, soft but heavy metals.
Kvanefjeld is centred on the globally unique Ilimaussaq Alkaline Complex in southern Greenland, and to date more than 1 billion tonnes of mineral resources have been delineated in the project area.
Mineralisation is hosted by a rock-type called lujavrite and is enriched in rare earths, uranium, and zinc.
Ho said Greenland Minerals had a terrific opportunity to capitalise on the rising rare earth magnet metal prices.
“The global geopolitical shifts during the year have refocused the world on the importance of reductions of global carbon emissions and this will continue to drive strong increasing demand for rare earths, particularly in magnet metals,” he said.
“The drive to a low carbon global economy and specifically to the demand for high-powered permanent magnets will see demand for magnet metals reach 40% of the total demand for rare earths by the end of the decade.
“As a result of increasing demand, the prices of magnet rare earths surged strongly toward the end of 2020 with this trend continuing into 2021.”
With the environmental aspect of the project now signed off, Greenland Minerals will now focus on explaining the benefits of Kvanefjeld to the Greenland economy, with strong interest from the European green energy industry exciting the company.
“In 2021 we will be into the final stages of the permitting process and working with the Greenland Government to ensure the project meets the Greenland community’s expectations,” Ho said.
“We will also continue to work with European industrials with a focus on commercial outcomes and final engineering design and work programs will also commence with the aim to bring the Kvanefjeld project into production expeditiously.”
The company is well-funded following a $34 million capital raising in 2020, and it is continuing optimisation programs designed to increase recoveries, reduce future operating costs and reduce the environmental impact of the project.
- Daniel Paproth
Story by ProactiveInvestors
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