Greenland Minerals Ltd (ASX:GGG, OTC:GDLNF) has appointed Daniel Mamadou as its new managing director as the company establishes a path forward for its key asset, its 100%-owned Kvanefjeld Rare Earths Project in Greenlannd.
Mamadou will drive the next phase of the company’s growth and development, following the resignation of Dr John Mair.
Dr Mair will work in an advisory capacity with Mamadou, who is based in Singapore, to transition the company effectively.
Globally significant producer potential
Greenland Minerals chairman Tony Ho said: “We thank John for his tireless efforts to advance the Kvanefjeld project during his seven years as managing director.
“Thanks to his focus, Greenland Minerals has advanced the project to pre-development status, and has the potential to be a globally significant producer of neodymium, praseodymium, terbium and dysprosium going forward.
“We are also pleased to welcome Daniel Mamadou to the board and look forward to his strategic review of Greenland Minerals’ operations and growth options.”
New focus and reinvigorate
Following legislative and administrative changes in Greenland during 2021, the company intends to broaden its project portfolio and is seeking new opportunities in related technology minerals and metals sectors to create shareholder value.
It plans to leverage off its strong cash position of $31.6 million as at September 30, 2021, and is well funded to acquire new projects.
This will give Greenland Minerals new focus and reinvigorate its activities.
Re-evaluate strategic options
Mamadou noted: “The global energy transition requires the creation of additional supply chains for critical minerals.
“This requires financial and human capital to be deployed on projects that have the potential to address the looming shortages in the supply chains of technology metals.
“Having a strong cash position, Greenland Minerals is well positioned to play its role as one of the emerging key players in this space.
“The team at Greenland Minerals has worked tirelessly to advance the Kvanefjeld project and boasts of an intimate understanding of the challenges associated with bringing new supplies of rare earths into production.
"I look forward to work with the team to re-evaluate the company’s strategic options and to chart its course going forward.”
Founder of Welsbach and Talaxis
Mamadou holds an MSc in international securities and investment banking from the University of Reading, UK.
He is the founder of Welsbach Holdings Pte Ltd, a Singapore-based company that specialises in the financing and development of technology metals supply chains.
He also founded and was managing director of Talaxis Ltd, Noble Group Ltd’s technology metals division in Hong Kong, from 2015 until 2020.
During this period, he drove the development and growth acceleration of technology metals supply chains, gaining expertise across rare earths, lithium, cobalt, and graphite along with a range of other critical materials.
He is also a non-executive director of TSX-listed Medallion Minerals Ltd.
Prior to that, Mamadou held various senior positions with Deutsche Bank, Goldman Sachs (NYSE:GS) and Nomura, with more than two decades across EMEA and Asia-Pacific.
He has established and nurtured relationships with key stakeholders and decision-makers across the specialty metals sector.
His global network includes upstream companies in Europe, the Americas, Asia and Africa, and midstream in China, South Korea and Japan.
Next steps for Kvanefjeld Project
Greenland Minerals, which lodged its White Paper responses to the consultation phase for the project has been communicating with the Greenland Government regarding the Kvanefjeld Impact Benefit Agreement - the remaining requirement to complete the formal exploitation licence application.
The company is also reviewing legislation recently passed by Greenland’s parliament that places an upper limit on the uranium content of mineral resources that can be exploited, and how this legislation will impact the Kvanefjeld Project.
The company will update on the next steps for Kvanefjeld as soon as is practicable.
Until there is clarity from the legislation and the impact on forward timelines, and in consideration that the independent assessments, majority of studies and work programs that underpin the Kvanefjeld Project are completed, the board believes that it is prudent and timely to seek new opportunities outside of Greenland to which the company can leverage value in the near term.
Kvanefjeld Project
The Kvanefjeld Project is a world-class technology metal project, with more than 12 years of extensive research and development.
It is underpinned by a more than 1 billion tonnes JORC resource, with an established 108 million tonnes JORC ore reserve.
The project underwent a 38-week statutory public consultation phase that closed on September 13, 2021.