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Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY), along with its wholly owned Greenlandic subsidiary, Greenland Resources A/S, has been granted a 30-year exploitation licence for its Malmbjerg molybdenum and magnesium project in east Greenland, now referred to as Piiaaffik Høstakken. The permit was signed on June 19, 2025, by Naaja H. Nathanielsen, Greenland’s Minister for Business, Mineral Resources, Energy, Justice and Gender Equality, and Dr. Ruben Shiffman, Chairman of the Board of Greenland Resources.
The licence allows the Company to pursue mining development and operations over a 30-year period, with the option to apply for an extension of up to 50 years. The Greenland government highlighted the importance of mineral resource projects in supporting local employment and contributing to Greenland’s long-term goal of building a self-sustaining economy. The permit follows the Company’s recently signed 10-year offtake agreement with several major European steel producers.
Minister Nathanielsen stated that the government’s support for this project reflects confidence in both Greenland’s broader mining sector and the specific development plans presented by Greenland Resources. The minister further noted the role of such projects in stimulating local economic activity and fostering collaboration through IBA (Impact and Benefit Agreements) between the company, local municipalities, and the Greenlandic government.
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