Greenland grants a 30-year exploitation license

On June 19, 2025, Greenland approved a 30-year exploitation license for the Malmbjerg project, operated by Greenland Resources, with potential for a 50-year extension. The open-pit mine is expected to produce 32.8 million pounds of molybdenum annually, meeting up to 25% of Europe’s demand initially. It also includes magnesium extraction—key for electric vehicles. The project supports Europe’s push to diversify critical mineral sources amid tightening Chinese export controls. With major offtake deals signed with Finnish and Italian firms, Greenland is positioning itself as a geostrategic supplier in the green-energy and defense sectors.