Greenland grants 30-year licence to EU-backed graphite project

Mining12-09 07:52

GreenRoc Mining Plc (AIM: GROC) jumped on Tuesday after the Greenland-focused critical minerals explorer secured a 30-year exploitation licence for its Amitsoq graphite project, paving the way for its...

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The company has a market capitalization of approximately £7.5 million ($10 million).\nHigh-grade deposit\nLocated in the Nanortalik region of southern Greenland, the Amitsoq project is host to one of the world’s highest-grade graphite deposits, with an estimated JORC-compliant resource of 23 million tonnes at an average grade of 20.41% graphitic carbon, for a total graphite content of 4.71 million tonnes.\nThe site hosts a historic open-cut mine that was last active in 1922, when expertise on the separation of natural graphite flakes was still in a nascent stage. GreenRoc is focused on fast-tracking the development of the mine, which, once operational, is expected to produce approximately 80,000 tonnes of graphite concentrate annually.\nEarlier this year, Amitsoq was granted “strategic project” status by the European Union for its potential to become a key supplier of graphite, which the bloc designated as a critical raw material.\nGreenland, despite boasting a large endowment of natural resources, has seen a slow buildup in its mining sector due to strict regulations and limited access to financing. However, activity has picked over the past year amid renewed US interest in the Danish territory.\n\nFactbox: Greenland’s rich but largely untapped mineral resources\n\nIn October, GreenRoc secured a €5.2-million loan from Denmark’s official export credit agency in support of its graphite project. In addition to Amitsoq, the company also holds an ilmenite project and an iron project on the island.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.11","shortVersion":"4.35.11","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590380323","isCrawlerRequest":true}