Malmbjerg Molybdenum and Magnesium Mining Project

planned

The Malmbjerg project is an open pit mining operation in central east Greenland focused on the extraction of primary molybdenum with magnesium as a byproduct. It features an environmentally friendly mine design with reduced water usage, low aquatic disturbance, and modularized infrastructure. The project has a Definitive Feasibility Study completed in 2022 with a capital expenditure of US$820 million, a levered after-tax IRR of 33.8%, and a payback period of 2.4 years. Proven and Probable Reserves are 245 million tonnes at 0.176% MoS2, containing 571 million pounds of molybdenum metal. The project aims to supply approximately 25% of the EU's molybdenum demand and 100% of its defense needs. The company was awarded an exploitation license for molybdenum and magnesium on June 19, 2025.