Greenland Minerals Ltd (ASX:GGG, OTC:GDLNF) has launched a strategic review into its assets and revenue generating activities, following a difficult year that saw the introduction of anti-uranium legislation in Greenland, limiting uranium percentages in total rare earth oxide mining to 100 parts per million.
As this impacts the company's Kvanefjeld Project, Greenland Minerals has been in discussions with the Greenland Government, submitting a White Paper and engaging with public consultation on the matter.
Read: Greenland Minerals considers options for Kvanefjeld after Greenland Government meeting
Strategic review
Following the appointment of Daniel Mamadou to the position of managing director, GGG has been moving into the next stage of development as a company, seeking to leverage his experience in the development of critical metal supply chains.
GGG believes that despite recent difficulties with Greenland’s legislation, the company still has a solid foundation to become a significant player in the energy transition and technology metals sectors.
The company is finalising its strategic review. Protecting its current position in Greenland has been highlighted as an imperative, but GGG is also focused on enhancing its geographical diversification and expanding its range of activities to include revenue generating initiatives, all in relation to the supply chain of critical metals.
Ironically but unsurprisingly, the rare earths sector experienced high growth in the last quarter of 2021, with the price of neodymium oxide rising some 50%, praseodymium oxide 40% and terbium oxide 20% in the last three months to December 31.
The largest gain was for yttrium, the price for yttrium oxide increased by about 85% in the quarter and by approximately 270% in 2021.
These metals are used extensively in electric vehicles, the global demand for which continues to grow strongly.
About Greenland Minerals
Greenland Minerals is an Australian company that has been operating in Greenland since 2007.
The primary focus has been advancing the Kvanefjeld Rare Earth Project in southwest Greenland.
This project is positioned to be a future cornerstone to global rare earth supply. If it proceeds to development, Kvanefjeld will be a large-scale, low-cost, long-term supplier of products which are at the centre of the unfolding revolution in the efficient use of energy.