Greenland Minerals Ltd (ASX:GGG) (OTCMKTS:GDLNF) (FRA:G7P) non-executive chairman Anthony Ho has demonstrated his confidence in the company’s rare earth strategy with an on-market purchase of shares.
Ho today acquired 100,000 shares valued at $19,500, increasing the total number of securities held to more than 4.13 million.
Kvanefjeld Project potential
The company has its sights set on the booming magnet metals market, as it seeks to become a world-renowned provider of rare earth materials.
Its 2020 annual report highlights the progress made at the flagship Kvanefjeld Project and the potential it has to be a key plank in the global supply of rare earth materials.
Many rare earths are crucial to the green energy revolution, as they form part of the motors, batteries and generators that power things like electric vehicles, wind turbines, portable electronics and much more.
Rare earth magnets are made from alloys of rare earth elements, which include neodymium, praseodymium, dysprosium, terbium and 13 other lustrous, silvery-white, soft but heavy metals.
Kvanefjeld is centred on the globally unique Ilimaussaq Alkaline Complex in southern Greenland and more than 1 billion tonnes of mineral resources have been delineated to date in the project area.