Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland
Resources” or the “Company”) is pleased to announce that it has
published its Sustainability Report (the “Report”) produced by
COWI, an integrated engineering and environmental company based in
Denmark, with the aim to provide disclosure to investors and
offtakers on environmental, social and governance (ESG) matters.
The Report will be available on the Company’s website.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240627688176/en/
Chairman Dr. Ruben Shiffman said, “All initiatives related to
permitting, offtakes and capex are moving in a positive direction,
and we now present our significant progress on our ongoing
sustainability journey. We have spent a great deal of time and
resources designing what we believe will be the most
environmentally friendly molybdenum mine in the world and we are
aiming to deal with like-minded suppliers and customers that also
care about a sustainable world. We also have a very positive ESG
track record in previous listed mining projects, where we improved
the life skills of the local community and their wealth for
generations to come.”
The Report followed a detailed methodology that includes: First,
a screening of a long list of topics based on the European
Sustainability Reporting Standards (ESRS) and other international
sustainability reporting standards (SFDR, IFC and SASB) used by
mining companies and molybdenum offtakers was conducted in order to
identify material topics for our Company (9 material topics and 51
subtopics were identified where 5 relate to environmental topics
and 27 subtopics, 3 social topics and 20 subtopics and 1 governance
topic and 4 subtopics). Second, using the Company’s NI 43-101
Definitive Feasibility Study, EIA (Environmental Impact
Assessment), SIA (Social Impact Assessment), Renewable Energy
Report and Stakeholders Engagement Plan, COWI prepared a gap
analysis on the Company’s sustainability performance vs the various
material topics and subtopics. Third, in order to ensure gaps are
closed, a list of initiatives were recommended. The conclusion of
the gap analysis is that all 9 topics were covered and 70% of their
data and policy disclosure requirements have been addressed with
gaps mainly revolving around strengthening of existing policies,
formulating new policies and ensuring data availability for some
disclosure metrics. The Company is working on 13% of the remaining
initiatives identified in the short and medium term while the rest
~17% will be able to be addressed once the mine is in
production.
Highlights of the 9 material ESG topics:
Environmental
- On climate change, adopting GHG protocol to estimate scope 1
and 2 emissions, using the rope conveyor and optimized fuel
scenario, scope 1 and 2 emissions are 10.78 pounds of CO2 per 1
pound of contained molybdenum metal production and for the rope
conveyor / wind and solar scenario is 4.46 pounds of CO2 per 1
pound of contained molybdenum metal production. These scenarios are
35% and 73% lower in emissions than comparable existing primary
molybdenum mines in the United States. The Company is also looking
into estimating value chain emissions.
- On pollution, our EIA assessed air and freshwater pollution to
be low and we are developing an Environmental Monitoring Program to
monitor the effects of the project and the effectiveness of
implemented mitigation measures once in production.
- On water and marine, water demand is mainly for potable water
and processing of the ore, mining is performed dry. The process
water supply is recycled and not discharged in the environment and
sewage is collected in a treatment unit. On the discharge of
tailings into the contained TMF (Tailing Management Facility),
recently saturated column geochemical testing program concluded
that using freshwater to process the ore did not release metals
into solution and TMF concentrations remain well below seawater
guidelines during the life of mine.
- On biodiversity and ecosystem, we focus on protecting the
natural environment and have conducted extensive studies on flora,
fauna, air, water and people, to better understand fully how the
mining activities will affect biodiversity and how to minimize this
impact. We have modularized infrastructure built offshore that is
brought on barges and installed so there is low footprint
disturbance. There are no communities, fishing, hunting, protected
areas nor breeding colonies in the project area and we are setting
policies to monitor and report biodiversity status once we in
production.
- On resource use and circular economy, we will segregate organic
waste and will recycle as much as possible and burn the rest. For
hazardous wastes, we will place them into appropriate storage
containers, and ship them off site to an appropriate recycling or
disposal facility.
Social
- On our workforce, we aim to employ mainly local people. We
expect to use over 500 direct employees during construction and 200
during the 20 year life of the mine. Training will be performed by
a local mining school and a world class civil construction company
owned 51% by Canadian Innuits experienced in arctic mining
construction and who will train locals in the same Innuit language.
Most employees will be unionized and GDP per capita in Greenland is
around US$52,000 per year. We have already in place the following
policies, human rights, health and safety and are very active with
the community and have signed support agreements beyond legal
obligations. The Company has a very good track record in previous
public mining projects helping communities to improve their living
standards.
- On workers in our value chain, policies are being assessed to
include processes to remediate potential negative impacts aligned
with relevant internationally recognized instruments such as UN
Guiding Principles on Business and Human rights and will provide
communication channels for value chain workers to raise concerns.
Additionally, a supplier code of conduct is planned and will
include ESG requirements for suppliers to comply with.
- On affected communities, the project has no human settlements
nor hunters nor people fishing in the project area. Some 350 people
live in Ittoqqortoormiit, 185km SE of the project, and 3,000 in
Tasiilaq, approximately 1,200 km to the SW. To make sure we cover
the impact of the project in the communities, we have prepared a
CSE (Community Support & Engagement) plan with a Declaration of
Principles that cover health and safety of employees and adjacent
communities, and have continued an ongoing dialogue and engagement
with a wide range of stakeholders and community stakeholders
maintaining a spirit of transparency and good faith.
Governance
- On business conduct, we have developed a Code of Business
Conduct and Ethics which is in our website. Our code of conduct
helps ensure that the workforce understands behavioral expectations
and has the tools necessary to comply. It is the role of the Board
to seek to monitor and ensure compliance with the guidelines set
out in this Code, including compliance in all material respects.
Anti-corruption is of an ongoing attention for the Company. We are
also developing a code that will disclose how social and
environmental criteria are taken into account for selection of
supply-side contractual partners.
Qualified Person Statement
The news release has been reviewed and approved by Mr. Jim
Steel, P.Geo., M.B.A. a director of the Company and a Qualified
Person as defined by Canadian Securities Administrators National
Instrument 43-101 “Standards of Disclosure for Mineral
Projects”.
Greenland Resources Inc.
Greenland Resources is a Canadian public company with the
Ontario Securities Commission as its principal regulator and is
focused on the development of its 100% owned Climax type primary
molybdenum deposit located in central east Greenland. The Malmbjerg
molybdenum project is an open pit operation with an environmentally
friendly mine design focused on reduced water usage, low aquatic
disturbance and low footprint due to modularized infrastructure.
The Malmbjerg project benefits from a NI 43-101 Definitive
Feasibility Study completed by Tetra Tech in 2022, with Proven and
Probable Reserves of 245 million tonnes at 0.176% MoS2, for 571
million pounds of contained molybdenum metal. As the high-grade
molybdenum is mined for the first half of the mine life, the
average annual production for years one to ten is 32.8 million
pounds per year of contained molybdenum metal at an average grade
of 0.23% MoS2, approximately 25% of EU total yearly consumption.
The project had a previous exploitation license granted in 2009.
With offices in Toronto, the Company is led by a management team
with an extensive track record in the mining industry and capital
markets. For further details, please refer to our web site
(www.greenlandresources.ca) and our Canadian regulatory filings on
Greenland Resources’ profile at www.sedarplus.com.
The Project is supported by the European Raw Materials Alliance
(ERMA). ERMA is managed by EIT RawMaterials, an organization within
the EIT, a body of the European Union.
About Molybdenum and the European Union
Molybdenum is a critical metal used mainly in steel and
chemicals that is needed in all technologies in the upcoming green
energy transition (World Bank, 2020; IEA, 2021). When added to
steel and cast iron, it enhances strength, hardenability,
weldability, toughness, temperature strength, and corrosion
resistance. Based on data from the International Molybdenum
Association and the European Commission Steel Report, the world
produced around 576 million pounds of molybdenum in 2021 where the
European Union (“EU”) as the second largest steel producer in the
world used approximately 24% of global molybdenum supply and has no
domestic molybdenum production. To a greater degree, the EU steel
dependent industries like the automotive, construction, and
engineering, represent around 18% of the EU’s ≈ US$16 trillion GDP.
Greenland Resources strategically located Malmbjerg molybdenum
project has the potential to supply in and for the EU approximately
25% of the EU consumption, of environmentally friendly high-quality
molybdenum from a responsible EU Associate country, for decades to
come. The high quality of the Malmbjerg ore, having low impurity
content in phosphorus, tin, antimony, and arsenic, makes it an
ideal source of molybdenum for the high-performance steel industry
lead worldwide by Europe, specifically the Scandinavian countries
and Germany.
Forward Looking Statements
This news release contains "forward-looking information" (also
referred to as "forward looking statements"), which relate to
future events or future performance and reflect management’s
current expectations and assumptions. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "hopes", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Such forward-looking statements reflect management’s
current beliefs and are based on assumptions made by and
information currently available to the Company. All statements,
other than statements of historical fact, are forward-looking
statements or information. Forward-looking statements or
information in this news release relate to, among other things: the
Company’s objectives, goals or future plans; planned capex
financing and outcomes of due diligence reviews; construction and
engineering initiatives for the Malmbjerg molybdenum project;
statements, exploration results, potential mineralization, the
estimation of mineral resources and reserves, and their valuation,
exploration and mine development plans, timing of the commencement
of operations and estimates of market conditions.
These forward-looking statements and information reflect the
Company’s current views with respect to future events and are
necessarily based upon a number of assumptions that, while
considered reasonable by the Company, are inherently subject to
significant operational, business, economic and regulatory
uncertainties and contingencies. These assumptions include: future
planned development and other activities on the Project; favourable
outcomes of due diligence reviews; planned energy requirements of
the Project; obtaining the permitting on the Project in a timely
manner; no adverse changes to the planned operations of the
Project; continued favourable relationships with local communities;
current EU and other initiatives remaining in place into the
future; expected demand for molybdenum in the EU and abroad,
including by companies that expressed an interest in purchasing
molybdenum; our mineral reserve estimates and the assumptions upon
which they are based, including geotechnical and metallurgical
characteristics of rock confirming to sampled results and
metallurgical performance; tonnage of ore to be mined and
processed; ore grades and recoveries; assumptions and discount
rates being appropriately applied to the technical studies;
estimated valuation and probability of success of the Company’s
projects, including the Malmbjerg molybdenum project; prices for
molybdenum remaining as estimated; currency exchange rates
remaining as estimated; availability of funds for the Company’s
projects; capital decommissioning and reclamation estimates;
mineral reserve and resource estimates and the assumptions upon
which they are based; prices for energy inputs, labour, materials,
supplies and services (including transportation); no labour-related
disruptions; no unplanned delays or interruptions in scheduled
construction and production; all necessary permits, licenses and
regulatory approvals are received in a timely manner or at all; and
the ability to comply with environmental, health and safety laws.
The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements
and information include known and unknown risks, uncertainties and
other factors that may cause actual results and developments to
differ materially from those expressed or implied by such
forward-looking statements or information contained in this news
release and the Company has made assumptions and estimates based on
or related to many of these factors. Such factors include, without
limitation: the favourable results of the SIA (Social Impact
Assessment) and EIA (Environmental Impact Assessment); favourable
local community support for the Project’s development; the
projected demand for molybdenum both in the EU and elsewhere,
including by companies that expressed an interest in purchasing
molybdenum; the current initiatives and programs for resource
development in the EU and abroad; the projected and actual status
of supply chains, labour market, currency and commodity prices
interest rates and inflation; the projected and actual status of
the global and Canadian capital markets, fluctuations in molybdenum
and commodity prices; fluctuations in prices for energy inputs,
labour, materials, supplies and services (including
transportation); fluctuations in currency markets (such as the
Canadian dollar versus the U.S. dollar versus the Euro);
operational risks and hazards inherent with the business of mining
(including environmental accidents and hazards, industrial
accidents, equipment breakdown, unusual or unexpected geological or
structure formations, cave-ins, flooding and severe weather);
inadequate insurance, or the inability to obtain insurance, to
cover these risks and hazards; our ability to obtain all necessary
permits, licenses and regulatory approvals in a timely manner;
changes in laws, regulations and government practices in Greenland,
including environmental, export and import laws and regulations;
legal restrictions relating to mining; risks relating to
expropriation; increased competition in the mining industry for
equipment and qualified personnel; the availability of additional
capital; title matters and the additional risks identified in our
filings with Canadian securities regulators on SEDAR+ in Canada
(available at www.sedarplus.ca). Although the Company has attempted
to identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated, described, or intended.
Investors are cautioned against undue reliance on forward-looking
statements or information. These forward-looking statements are
made as of the date hereof and, except as required by applicable
securities regulations, the Company does not intend, and does not
assume any obligation, to update the forward-looking information.
Neither the Cboe Canada Exchange nor its regulation services
provider accepts responsibility for the adequacy of this release.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240627688176/en/
For further information please contact:
Ruben Shiffman, PhD Chairman, President Keith Minty, P.Eng, MBA
Engineering and Project Management Jim Steel, P.Geo, MBA
Exploration and Mining Geology Nauja Bianco, M.Pol.Sci. Public and
Community Relations Gary Anstey Investor Relations Eric Grossman,
CPA, CGA Chief Financial Officer Corporate office Suite 1810, 25
York Street, Toronto, Ontario, Canada M5J 2V5 Telephone
1-844-252-0532 Email info@greenlandresourcesinc.com Web
www.greenlandresources.ca
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