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Greenland Mines approves $20 million share repurchase program

The authorization follows the company raising more than $59 million in new capital, and it allows open-market buybacks up to $20 million.

Reported · Written up by our desk · Mining

Greenland Mines has approved a share repurchase program authorizing buybacks of up to $20 million of its outstanding common stock through open-market transactions, Mining.com reports.

The company said the timing of any repurchases will depend on market conditions, and the decision follows its recent raising of more than $59 million in new capital.

Greenland Mines president Bo Møller Stensgaard said the company’s priority remains disciplined investment in its Sarfartoq and Skaergaard projects, while it also views its shares as a potentially compelling use of capital at certain valuations.

Shares fell 14.44% on Tuesday morning in New York, and the company’s market capitalization was $84.44 million at the time of the report.

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