The American company At the beginning of September, Greenland Mines took over an exploration license from Canadian Neo Performance Materials for rare earth metals from Sarfartoq approx. 60 kilometers from Kangerlussuaq. The acquisition has been approved by the Self-Government, both companies write.
Greenland Mines is an American company that, in addition to the Sarfartoq project, also sits on three exploration licenses for the Skaergaard area between Miki Fjord and the Kangerlussuaq fjords in Northeast Greenland.
The American company At the beginning of September, Greenland Mines took over an exploration license from Canadian Neo Performance Materials for rare earth metals from Sarfartoq approx. 60 kilometers from Kangerlussuaq. The acquisition has been approved by the Self-Government, both companies write.
Greenland Mines is an American company that, in addition to the Sarfartoq project, also sits on three exploration licenses for the Skaergaard area between Miki Fjord and the Kangerlussuaq fjords in Northeast Greenland.
It is the Danish geologist Bo Møller Stensgaard who forms the management of Greenland Mines together with Hans Jensen. Both have a past in several raw materials companies in Greenland, including Bluejay Mining.
In March this year, Greenland Mines was acquired by the American biotech company Klotho Neuroscience, which subsequently changed its name to Greenland Mines. Klotho Neuroscience’s director Joseph Sinkule is today part of the management both as director of the company’s overall portfolio and as chairman of the board.
– The acquisition of Sarfartoq is now a reality, and one of the western world’s leading projects in the extraction of rare earths for magnet production has thus become part of Greenland Mines’ assets,” says Bo Møller Stensgaard in a stock exchange announcement.
Attractive economy
The Sarfartoq cabonatite complex is known for a particularly high content of the rare earth metals neodymium and praseodymium, which are used, among other things, in magnets for electric cars and wind turbines.
That’s it Canadian raw materials company Neo Performance Materials who has sold the license for allegedly DKK 35 million. US dollars of which the 15 million dollars consists of shares for Greenland Mines, while the remaining 20 million dollars are in cash.
– With the transaction completed, Greenland Mines can move forward with the targeted management and the investments that Sarfartoq needs in order to develop, says director of Neo Performance Materials Rahim Suleman and adds that they remain committed to the project’s success both as a shareholder and acquisition partner.
The closing of the deal follows Greenland Mines’ publication of an independent initial assessment of the Sarfartoq project, which has demonstrated particularly attractive economics based on a very small part of the deposit in the 191 km2 license area.
