Greenland Mines authorizes $20M share buyback
The company can repurchase up to $20 million of its outstanding common stock from time to time through open-market transactions.
Greenland Mines (GRML) announced on Tuesday the authorization of a $20 million (C$28.46 million) share buyback program, following the company's recent raising of over $59 million in new capital. The authorization allows Greenland Mines to repurchase up to $20 million of its outstanding common stock through open-market transactions, with the timing depending on market conditions.
Bo Møller Stensgaard, the company's president, emphasized that their priority remains disciplined investment in Sarfartoq and Skaergaard projects. The decision provides the company with the ability to act when repurchases can create attractive long-term value for shareholders. Greenland Mines' stock dropped 14.44% in New York trading on Tuesday morning, with the company boasting a $84.44 million market capitalization.
Sarfartoq, located in southwest Greenland, is a neodymium-praseodymium rare earths project with the potential to provide 34% of all such rare earths currently refined outside China by 2025. Skaergaard, a gold-palladium-platinum project in southeast Greenland, has been updated with a technical report that boosts contained palladium-equivalent metal by over half and raises grades by about 80%.
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