Greenland Resources is receiving support from Europe through the European Raw Material Alliance (ERMA) to secure financing for its Malmbjerg Molybdenum Project in Greenland.

Molybdenum gets its critical material stamp largely through its use as a steel as a noble alloy. The addition of molybdenum enhances the steel product, with key applications dominated by engineering and stainless steels. Given the resulting speciality steel products, molybdenum indirectly finds applications in renewable energies, though with some risk of substitution.

A growing source of molybdenum has come as a by-product from copper mines in South America and supply can ramp up further via this by-product route. A key risk to molybdenum’s supply is hinged on the economics of primary versus by-product routes, which ebb and flow with the metal’s price.

The Malmbjerg molybdenum deposit in Greenland had its definitive feasibility study (DFS) published in February 2022, which outlined a 20-year life of mine for its 245Mt reserve base, grading 0.176% MoS2. Greenland Resources will be relying on the political trend of securing domestic supply chains with the project’s host country European Union hat on, as governments look to address critical material strategies.