GreenRoc Strategic Materials PLC (AIM:GROC) shares were up as much as 14% in early trading after the company secured a long-awaited exploitation licence for its Amitsoq graphite project in southern Greenland, effectively giving it the green light to move from exploration into mining.
The 30-year permit was signed on 8 December by Naaja H. Nathanielsen, Greenland’s minister responsible for business, mineral resources, energy, justice and gender equality, alongside Stefan Bernstein, director of Greenland Graphite, the company’s local subsidiary. It follows government approval of the project’s Terms of Reference and White Paper earlier in the month.
Nathanielsen told the signing ceremony: “This is significantly faster than in many other countries and clearly demonstrates that the revised Mining Act is working as intended.”
She added that the streamlined process had not compromised “high environmental standards, safety and social responsibility”.
Bernstein, who is also GreenRoc’s chief executive, said the licence was “a very important milestone” and pointed out that graphite is “an important raw material for the energy transition” at a time when Europe lacks secure supplies.
He stressed that future extraction must benefit Greenland and local communities, adding that the swift approval process showed the country “really stands out” internationally.
After the initial burst, GreenRoc's shares settled to 2.6p, up 4%.