Mentioned:
A major steel company in Europe is buying molybdenum from a publicly traded company in Canada. But, why?
What’s happening:
- Greenland Resources (TSX: MOLY) has landed a new long term offtake deal with Swedish steelmaker SSAB for molybdenum
By the numbers:
- Greenland Resources will supply high quality molybdenum to SSAB for the next 8 years with guaranteed pricing structure and purchase volumes
Why it matters:
- SSAB is one of the largest steel producers in Europe and has commercial supply deals for high strength steel with defense, automotive and energy companies throughout the European Union
Going deeper:
- The molybdenum being sold to SSAB will be extracted by Greenland Resources and then refined in Belgium by the world’s largest molybdenum processing company Molymet
- Greenland Resources previously made major waves when they landed a 30 year exploration license from the government of Greenland to advance their flagship Malmbjerg project
