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Greenland Minerals has news pending on progress of Environmental Impact Assessment by Greenland Government

The company considers Kvanefjeld as one of the world’s most important emerging rare earth projects which will position it to become a globally significant supplier of materials.

Greenland Minerals Ltd - Greenland Minerals in trading halt regarding approval of Environmental Impact Assessment by Greenland Government
Greenland Minerals has been operating in Greenland since 2007

Greenland Minerals Ltd (ASX:GGG) is in a trading halt with an announcement pending on the Greenland Government's progress of approvals for the Kvanefjed project Environment Impact Assessment.

The trading halt will remain in place until the beginning of trade on Wednesday, September 23, or when an announcement is released to the market, whichever occurs earliest.

GGG has a market cap of approximately $303.8 million and shares last traded at 25.5 cents, up from 12.5 cents at the market close on July 1.

Robust REE outlook

Greenland Minerals is confident its Kvanefjeld project in Greenland is well-placed to take advantage of the long-term robust outlook for rare earth elements (REEs).

Despite the impacts of the COVID-19 pandemic on demand, prices for the full suite of rare earth elements have held their own during 2020 and the outlook is highly encouraging.

ADAMAS Intelligence has forecast that global annual demand for magnet rare earth oxides such as neodymium, praseodymium, dysprosium and terbium will increase by 150% through to 2030.

Meeting this demand will require current global production to double and when this is considered together with increasing production costs in China, the company believes there will be considerable upward pressure on prices over time.

Quick facts: Greenland Minerals Ltd

Price: 0.28 AUD

ASX:GGG
Market: ASX
Market Cap: $335.27 m
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