Greenland Minerals Limited (Stock Symbols – ASX: GGG, OTCMKTS: GDLNF) is a development stage uranium and rare earths mining company operating in south west Greenland near the town of Narsaq.
The company owns a 100% interest in the massive Kvanefjeld project located in southern Greenland in the Narsaq Valley.
Incredibly, the Kvanefjeld rare earth project has over 1 billion tonnes of JORC compliant resources. Once online, this would make Greenland Minerals one of the most significant mining projects in Greenland.
The deposit is anticipated to produce over 80% of its revenue generation from rare earth elements with uranium, zinc, and flourspar being by-products.
The deposit is also enriched with lithium, scandium, and zirconium.
Notably for uranium investors, the company has over 593 million pounds of JORC compliant uranium assets. The mineral assets are defined from three locations in the project area: Kvanefjeld, Sorensen, and Zone 3. These three zones contain a resource base that is one of the largest inventories of rare earth elements and uranium found anywhere on Earth.
A strategic partnership was formed in 2016 with its largest shareholder, Shenghe Resources, which itself is one of the major Chinese companies engaged in the mining, smelting and separation, and deep processing of rare earths – that provides the company with a major competitive advantage of rapid supply chain access to global consumers.
During the last few years working with Shenghe Resources, the company improved recoveries of resources while also reducing their annual operating costs by 40%. The two companies have worked hard to develop an optimized process for recovering mineral assets and improving the cost structure for the project.
The company notes that it will cost less than $4 per kilogram of REO net of by products to deliver this asset to the market, which makes it the lowest cost of undeveloped rare earth projects listed on the ASX.
The company projects an initial 37 year mine life with significant expansion available.
Kvanefjeld is located near a shipping port providing the company with a significant logistical advantage to deliver product to the market faster and cheaper.
The company was formerly known as Greenland Minerals and Energy Limited and changed its name to Greenland Minerals Limited in June 2018.
Greenland Minerals Limited is headquartered in Subiaco, Australia.
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