TORONTO / Jan 26, 2022 / Business Wire / Greenland Resources Inc. (NEO:MOLY, FSE:2LF) (“Greenland Resources” or the “Company”) is pleased to announce that Dr. Mohrbacher has joined our European Advisory Board with the objective of providing technical guidance in the development of our Malmbjerg molybdenum deposit in east Greenland as well as strengthening our relations with the relevant stakeholders in the European Union steel and roasting industry.
Dr. Hardy Mohrbacher has over 30 years of professional experience in the mining and metallurgical industries covering alloy design, market development and product application. His specific expertise focuses on the use of molybdenum, niobium and nickel in steels and casting alloys. Hardy has had a long career in the European steel industry working for companies like Sidmar and OCAS NV in Belgium, ThyssenKrupp and Fraunhofer IZFP in Germany as well as with the Brazilian mining company CBMM. In 2007, Hardy founded the metallurgical consulting company NiobelCon BV which is based near Antwerp, Belgium that provides services to numerous steel and molybdenum stakeholders including the International Molybdenum Association (IMOA) where since 2008 he is involved in developing the market for molybdenum alloying in carbon steels and iron castings. For more than 20 years, Hardy has been an associate professor at the Belgian university KU Leuven where he teaches physical metallurgy as well as processing of steel and aluminum alloys and was also serving as adjunct professor at Shanghai University in China. He published more than 120 papers in scientific journals, edited six books on niobium and molybdenum metallurgy, and organized 10 international conferences on alloy development and applications. In 2021, Hardy and his team received the Gilbert R. Speich Award from the Association of Iron and Steel Technology (AIST) for work on the development of niobium and molybdenum alloying in ultra-high strength steels. Hardy graduated with a German Diploma (Saarland University, 1991) in materials science and a Master of Science degree (University of Houston, 1991) in mechanical engineering. He received his engineering Ph.D. from KU Leuven in 1995 with highest distinction. A more detailed description of the activities and related documents can be obtained at www.niobelcon.com.
Dr. Ruben Shiffman, Chairman, commented: “Hardy is paramount in the molybdenum and steel industry worldwide. Our Company has been looking for an expert with practical experience in the European Union molybdenum and steel industry combined with strong scientific skills. In this sense, we are very lucky to have Dr. Mohrbacher on board. Among others, his addition will help advance to market our product with end users in the EU and to achieve a deeper integration in the EU steel and molybdenum industry ecosystem.
Dr. Hardy Mohrbacher commented: “Particularly, European steelmakers are specialized and leading in the production of high-performance steels. High-performance steels are becoming ever-more important for enhancing efficiencies in power generation, transport, mobility, and construction. Using stronger steels means lower product weight, less raw material consumption, less waste, and often lower total cost. Thus, molybdenum is key to green technologies. In this respect, the existence of a major molybdenum mining deposit in Greenland promises efficient logistics and secure supplies of this important alloying element. Besides, the high quality of the Malmbjerg ore stock, having low content of impurities like for instance phosphorous, is another big advantage when producing high-performance steels. In that context I am very excited supporting the development of the Greenland Resources project and helping to secure the future of European industries.”
Qualified Person Statement
Mr. Jim Steel, P.Geo., M.B.A., a Qualified Person under National Instrument 43-101 has reviewed and approved the technical information in this press release.
About Greenland Resources Inc.
Greenland Resources is a Canadian reporting issuer with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100% owned world-class Climax type pure molybdenum deposit located in central east Greenland. The Malmbjerg molybdenum deposit has pit-constrained Measured and Indicated Resources of 281 million tonnes at 0.18% MoS2, for 661 million pounds of contained molybdenum metal (Tetra Tech, 2021). The Malmbjerg project benefits from a 2008 Feasibility Study completed by Wardrop (now Tetra Tech), an Environmental and Social Impact Assessment (SRK, 2007), an engineering optimization Concept Study (DRA, 2019) and had a previous exploitation license granted in 2009. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets. For further details, please refer to our web site (www.greenlandresources.ca) as well as our Canadian regulatory filings on Greenland Resources’ profile at www.sedar.com
About Molybdenum and the European Union
Molybdenum is a metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition (World Bank, 2020; IEA, 2021). When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 546 million pounds of molybdenum in 2020 where the European Union (“EU”) as the second largest steel producer in the world used approximately 25% of global molybdenum supply and has no domestic molybdenum production. To a greater degree, the EU steel dependent industries like the automotive, construction, and engineering, represent around 18% of the EU’s US$16 trillion GDP. Greenland Resources Malmbjerg molybdenum project has the potential to supply in and for the EU approximately 25 million pounds per year, of environmentally friendly molybdenum from a responsible EU Associate member country, for decades to come.
CAUTIONARY STATEMENT: This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan” and include, but are not limited to, statements with respect to: future opportunities, future operating and capital costs, timelines, permit timelines, and the ability to obtain the requisite permits, economics and associated returns of the Malmbjerg molybdenum deposit, the technical viability of the Malmbjerg molybdenum deposit, the market and future price of and demand for molybdenum, the environmental impact of the Malmbjerg molybdenum deposit, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a Feasibility Study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.