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Greenland Mines closes $35 million Sarfartoq rare earth magnet deal
The Sarfartoq initial assessment values the project at about $2.1 billion pre-tax NPV and a 118.6% pre-tax IRR based on the ST1 deposit.
Greenland Mines (Nasdaq: GRML) has completed its acquisition of the Sarfartoq rare earth magnet project from Neo Performance Materials for $35 million, adding the Arctic project to its mining portfolio.
Mining.com reports the company said Sarfartoq has estimated pre-tax net present value of about $2.05 billion and a pre-tax internal rate of return of 118.6%, based on its independent Initial Assessment.
The assessment is based entirely on the ST1 deposit, which sits within a small portion of the 191-square-kilometer Sarfartoq mineral exploration license, with additional known rare earth occurrences along an outer ring structure remaining largely untested.
Greenland Mines said it plans to move into development immediately, including targeted infill drilling, pilot-scale metallurgical test work, mine engineering planning, and ongoing environmental and social baseline studies as it works toward a pre-feasibility study.
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