NUUK, Greenland - In a significant development for Greenland's mining sector, Greenland Resources Inc. has been granted a 30-year exploitation license for molybdenum and magnesium at its Malmbjerg project in east Greenland, now known as Piiaaffik Høstakken [1][2][3][4][5].

On June 19, 2025, Greenland's Minister for Business, Mineral Resources, Energy, Justice and Gender Equality, Naaja H. Nathanielsen, signed the permit alongside Dr. Ruben Shiffman, Chairman of the Board of Directors of Greenland Resources. The license, which can be extended up to 50 years, marks a significant milestone in Greenland's efforts to develop its mineral resources [1][2].

Minister Nathanielsen expressed satisfaction at the ceremony, stating, "It is with great satisfaction that the Greenland Government can grant another exploitation permit to a mineral resources company." This statement underscores the government's commitment to fostering mineral resource development in the country [1][5].

Greenland Resources Inc., listed on the Cboe Canada (MOLY) and Frankfurt Stock Exchange (M0LY), will operate the project through its fully owned Greenlandic subsidiary, Greenland Resources A/S [1][2][3][4][5].

This development comes at a time when global demand for critical minerals is increasing. Molybdenum, primarily used in steel alloys, and magnesium, essential in various industries including automotive and aerospace, are both considered strategically important materials [1][2][3][4][5].

The granting of this license represents a significant step in Greenland's economic diversification efforts, potentially creating new job opportunities and revenue streams for the Arctic nation. However, it also raises questions about the balance between economic development and environmental preservation in one of the world's most fragile ecosystems [1][2][3][4][5].

As Greenland continues to navigate its path towards greater economic independence, the global community will be watching closely to see how this Arctic nation manages its vast mineral resources while addressing environmental concerns and the impacts of climate change [1][2][3][4][5].