Mentioned:
MOLY -6.00% CRML -11.17%
The future of molybdenum production might be hiding in Greenland. And now, the government is getting behind it too.
What’s happening:
- Greenland Resources (CBOE: MOLY) has officially received a 30 year exploration license from the government of Greenland for their Malmbjerg project
Why it matters:
- Greenland Resources’ Malmbjerg project is widely considered to be one of the world’s largest deposits of molybdenum globally, containing an estimated 245M tonnes of molybdenum
Going deeper:
- Europe currently has no domestic production of molybdenum and imports the vast majority of all their molybdenum from China, who also controls the vast majority of the world’s global supply
- Greenland Resources has already secured multiple offtake agreement with large steel companies to supply them with molybdenum, including Finland based Outokumpu and Italy based Cogne Acciai Speciali
The intrigue:
- Mining projects in Greenland have been on an explosive trajectory lately, with the United States Export-Import Bank just recently providing Critical Metals (NASDAQ: CRML) with a letter of interest for a $120M USD loan to advance their rare earth project into full scale production
