Greenland Resources gets $120M LOI from Nordic Investment Bank for Malmbjerg project
Exploitation licence granted by the government gives it a “dominant mineral licence position” on the island’s east coast, the company says.
Greenland Resources has received a letter of interest (LOI) from the Nordic Investment Bank (NIB) for a potential $120 million funding commitment for their Malmbjerg project in Greenland. This follows the company's offtake agreements with two major Scandinavian steel producers, signed in April 2026 and February 2025 respectively.
The LOI complements an offer from Export Development Canada (EDC) to serve as lead arranger with up to $275 million in funding. The Malmbjerg project is Greenland Resources' flagship venture, located in the Semersooq region. Recently, the company secured exclusive rights to a 1,147 km² land package around its existing exploitation license for molybdenum and magnesium.
This dominant mineral licence position along Greenland's east coast puts it in a strong position within the mining industry. In 2024, Greenland Resources signed a long-term offtake agreement with Finland's Outokumpu, Europe's largest stainless steel producer, for molybdenum oxide production at the Malmbjerg site. The project boasts a NI 43-101 definitive feasibility study and a 30-year molybdenum and magnesium exploitation license.
The mine's proven and probable reserves amount to 245 million tonnes grading 0.176% MoS2, containing 571 million pounds of molybdenum. Greenland Resources' stock rose 1.3% in Toronto, reaching a market capitalization of C$203 million.
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