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Greenland Resources wins up to $120M LOI for Malmbjerg project
The LOI from the Nordic Investment Bank comes after the company signed binding long-term offtake deals with two Scandinavian steel producers and seeks financing for export-credit covered facilities.
Greenland Resources said it received a letter of interest, or LOI, from the Nordic Investment Bank for funding of up to $120 million for its Malmbjerg project, potentially under one or more export credit agencies covered facilities. The company tied the new financing interest to its existing commercial progress, including long term binding offtake agreements with two major Scandinavian steel producers announced in April 2026 and February 2025.
Mining.com also reports that the LOI builds on an earlier expression of interest from Export Development Canada, where EDC was cited as a mandate lead arranger for funding of up to $275 million. Greenland Resources is advancing its Malmbjerg project in the Semersooq region and previously secured exclusive rights to an approximately 1,147 km2 land package around its exploitation license for molybdenum and magnesium.
The project includes a 30 year molybdenum and magnesium exploitation licence and a NI 43-101 definitive feasibility study, with proven and probable reserves totaling 245 million tonnes grading 0.176% MoS2. Greenland Resources said average annual contained molybdenum production is 32.8 million pounds per year for years one to ten, and characterized the expected output as roughly 25% of EU total yearly molybdenum oxide consumption.
In market activity, the company’s shares closed up 1.3% in Toronto, with a market capitalization of C$203 million, or about $146 million, according to Mining.com. The firm also said its unit operates mostly in Odisha and accounted for 21% of India’s overall coal production in fiscal year 2026.