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Greenland approves transfer of license for Sarfartoq rare earth project
The approval satisfies a key closing condition in Greenland Mines' $35 million acquisition from Neo Performance Materials, which also includes off-take rights for up to 60% of future production.
Greenland Mines said Greenland’s government has formally approved the indirect transfer of the Mineral Exploration License covering the Sarfartoq carbonatite complex to the company.
The approval, granted under Greenland’s Mineral Activities Act, satisfies a key regulatory closing condition for Greenland Mines’ acquisition of the Sarfartoq project from Neo Performance Materials for $35 million.
Under the deal, Neo Performance will receive off-take rights on up to 60% of future ore or mineral concentrate production from Sarfartoq.
Greenland Mines said the Sarfartoq deposit is strongly enriched in neodymium-praseodymium and previously cited a historic resource of about 27 million kg of Nd oxides and 8 million kg of Pr oxides. Mining.com reported the stock surged on the news, closing the day up more than 22% on the Nasdaq.
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