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Danish funds invest in Greenland molybdenum developer

The Malmbjerg molybdenum project

The Malmbjerg molybdenum project

10th July 2023

By: Creamer Media Reporter

     

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Danish investment funds, advised by asset management firm Maj Invest, have invested C$3-million in Canadian company Greenland Resources.

Under the terms of the placement, Greenland Resources will issue 4.23-million shares in the capital of the company at C$0.71 a share.

The company intends to use the proceeds to advance capital expenditure and permitting of its Malmbjerg molybdenum project, in Greenland.

The Malmbjerg project benefits from a National Instrument 43-101 definitive feasibility study completed by Tetra Tech in 2022, with proven and probable reserves of 245-million tonnes at 0.176% MoS2, for 571-million pounds of contained molybdenum metal.

As the high-grade molybdenum is mined for the first half of the mine life, the average production for years one to ten is 32.8-million pounds a year of contained molybdenum metal at an average grade of 0.23% MoS2.

Edited by Creamer Media Reporter

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