Canadian firm allowed to mine critical metal in Greenland

Greenland Resources, a Canadian company, has been granted a 30-year license to mine molybdenum at the Malmbjerg site in East Greenland. This project could potentially generate up to $1 billion in taxes and create critical infrastructure and skills in the region. The EU supports the initiative, expecting it to supply 25% of Europe’s molybdenum needs. Molybdenum is used in wind turbine and weapon manufacturing, with China currently dominating its production. Additionally, Greenland Resources plans to extract magnesium as a byproduct. Agreements have been made with Finnish and Italian steel producers to purchase the molybdenum. Mining must commence by 2028, with an option to extend the license by 20 years. Last month, Greenland issued a 30-year license to Greenland Anorthosite Mining for anorthosite extraction, used in aluminum and fiberglass production.