• Greenland Resources (CBOE.CA:MOLY) has applied for an exploitation license for its Malmbjerg Project in eastern Greenland
  • The company hopes the Mining Act will accelerate capex financing, permitting and project development for the project
  • Additionally, requirements related to an EIA and SIA have been amended to include that they may be fulfilled after the approval of the exploitation license
  • Shares of Greenland Resources were up 4 per cent to C$0.52 as of 8 pm ET on Monday

Greenland Resources (CBOE.CA:MOLY) has revealed it has applied for an exploitation license for its Malmberg Project in eastern Greenland.

In a news release, the company stated the application was made under the new Mining Act that replaces the Mineral Resources Act, which speeds up the exploitation license approval process.

Additionally, Greenland Resources stated that requirements related to an EIA (environmental impact assessment) and SIA (social impact assessment) have also been amended so they can be fulfilled after the exploitation license approval.

“The faster permitting route comes at the right time for our project as we are also advanced in the capex process with our U.K. financial advisors, where we expect further announcements to be made,” Ruben Shiffman, executive chairman of Greenland Resources, said in a statement. “Greenland is partnering with liked-minded countries and its new Mining Act reflects its commitment to the local mining industry and the E.U. Green Deal.”

In March, the company revealed it was awarded the 2023 Prospector and Developer of the Year for its Malmbjerg Molybdenum Project. The company received the recognition in Toronto at this year’s PDAC Convention, which is one of the world’s top mineral exploration and mining events.

“We are honoured to receive this prestigious award recognizing our years of hard work and commitment. The Project is ad hoc for the E.U.-Greenland strategic partnership on sustainable raw materials,” Shiffman said.

Greenland Resources is focused on the development of its 100-per-cent-owned Malmbjerg molybdenum project, which is an open pit operation with an environmentally friendly mine design focused on reduced water usage, low aquatic disturbance and low footprint because of modularized infrastructure.

Shares of Greenland Resources Inc. (CBOE.CA:MOLY) were up 4 per cent to C$0.52 as of 8 pm ET on Monday.

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