Pharma & Biotech
Pharma & Biotech
00:21 Fri 17 Sep 2021
Greenland Minerals looking to capitalise on booming magnet metals market as global green energy shift gains momentum
The exploration and development company is aiming to supply rare earths material to fuel the renewable energy markets through its Kvanefjeld asset.
Greenland Minerals Ltd (ASX:GGG, OTC:GDLNF) is a step closer to completing its white paper report on the Kvanefjeld Rare Earth Project in Greenland after a public consultation.
The exploration and development company is developing its wholly-owned Kvanefjeld asset as a large-scale, low-cost, long-term producer that will supply rare earths material to the renewable energy markets.
With the public consultation now closed, Greenland intends to address all issues raised during the period and through government submissions in the upcoming report.
Greenland expects to complete its white paper by mid-next month.
Speaking to the update in a market announcement on Friday, Greenland Minerals managing director John Mair said preparation of the WP was well advanced.
“The WP represents an opportunity to provide simple and clear explanations to submissions made during the consultation process and to identify where further detail can be found in the environmental impact assessment and associated technical reports.
“Outcomes of the public consultation will play an important role in focusing future stakeholder engagement and shaping the path forward for the Kvanefjeld Project.”
Shares have been as much as 12% higher intraday to A$0.14.
As Greenland continues to develop its Kvanefjeld asset, it must meet a set of regulatory standards — one of which includes preparing the white paper following the public consultation.
Greenland’s Government kicked off the statutory consultation period, where members of the public could submit their comments on the project, in December last year.
This period officially closed on September 14, meaning Greenland can now draft up the white paper for consideration.
The documentation will address all the issues raised during public consultation or in submissions to the government.
So far, responses to the issues raised during the first round of public meetings and in submissions made during the first 36 weeks of the public consultation period are largely complete.
Several submissions were received by the Greenland Government in the final days of consultation, so the company has started responding to these submissions.
Greenland has also been in communication with the Mining Licence and Safety Authority to ensure that transcripts from the recent public meetings are made available as soon as possible to identify any final issues for inclusion in the paper.
GGG anticipates that its white paper responses will be completed within the next few weeks.
Greenland’s Kvanefjeld Rare Earth Project is described as one of the most significant and advanced emerging rare earth projects globally.
The project is unique in terms of its metallurgy and forecast production profile, which relates to all commercially important rare earths.
Kvanefjeld is near existing infrastructure in southern Greenland, with year‐round direct shipping access to the project area.
Rare earth elements are critical to the electric vehicle revolution and renewable energy, as well as many other energy-efficient applications.
The Kvanefjeld project is forecast to be a globally significant producer of all commercially important rare earth elements, including neodymium, praseodymium, terbium and dysprosium, over an initial 37‐year mine life.
These rare earths are used to make high powered permanent magnets that are utilised in electric vehicles and wind turbines, along with many other applications.
Greenland believes Kvanefjeld is well‐placed to meet the major surge in rare earth demand that will be generated by the transition to electric vehicles, along with growth in renewable energy.
Price: 0.14 AUD
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