Greenland Resources has submitted the Social Impact Assessment for the Malmbjerg Molybdenum Project in east Greenland. The independent SIA conducted by WSP Danmark Aanalyzes and assigns a rating on the potential positive and negative socio-economic impacts of the Project and is a critical cornerstone in the exploitation permit process and overall success for the next twenty years of mine life. On an impact scale of low, medium, and high, WSP assessed the Project to have high positive social impact on direct jobs, education, and public economy. Also all negative social impacts analyzed including the local use of the Project area are assessed to be low negativeProject is capable to produce 25% of European molybdenum demand from an EU Associate country with high ESG. Molybdenum is used in all clean renewable energy generation and storage technologies, the EU is second largest molybdenum user worldwide and has no production of its own. The high quality of the Malmbjerg ore, having low impurity content in phosphorus, tin, antimony, and arsenic, makes it an ideal source of molybdenum for the high-performance steel industry lead worldwide by Europe, specifically the Scandinavian countries and Germany.Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy. When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021 where the European Union as the second largest steel producer in the world used approximately 25% of global molybdenum supply and has no domestic molybdenum production.Molybdenum prices have increased significantly in the past few months. The closing price for molybdenum on 30 December 2022 at the London Metal Exchange was USD 30.33 per pound
Greenland Resources has submitted the Social Impact Assessment for the Malmbjerg Molybdenum Project in east Greenland. The independent SIA conducted by WSP Danmark Aanalyzes and assigns a rating on the potential positive and negative socio-economic impacts of the Project and is a critical cornerstone in the exploitation permit process and overall success for the next twenty years of mine life. On an impact scale of low, medium, and high, WSP assessed the Project to have high positive social impact on direct jobs, education, and public economy. Also all negative social impacts analyzed including the local use of the Project area are assessed to be low negativeProject is capable to produce 25% of European molybdenum demand from an EU Associate country with high ESG. Molybdenum is used in all clean renewable energy generation and storage technologies, the EU is second largest molybdenum user worldwide and has no production of its own. The high quality of the Malmbjerg ore, having low impurity content in phosphorus, tin, antimony, and arsenic, makes it an ideal source of molybdenum for the high-performance steel industry lead worldwide by Europe, specifically the Scandinavian countries and Germany.Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy. When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021 where the European Union as the second largest steel producer in the world used approximately 25% of global molybdenum supply and has no domestic molybdenum production.Molybdenum prices have increased significantly in the past few months. The closing price for molybdenum on 30 December 2022 at the London Metal Exchange was USD 30.33 per pound
