Greenland Resources wins $120 million funding pledge for Malmbjerg molybdenum mine
The Nordic Investment Bank has offered up to $120 million to help finance the Malmbjerg molybdenum project, advancing a Greenland mine positioned to supply a quarter of the European Union's annual consumption of the critical metal.
Greenland Resources has received a letter of interest from the Nordic Investment Bank for up to $120 million in export credit agency covered facilities. The financing pledge supports the development of the company's flagship Malmbjerg molybdenum and magnesium project in the Semersooq region of Greenland.
This commitment builds on an earlier expression of interest from Export Development Canada, which is acting as a mandate lead arranger for a potential $275 million facility. The combined debt interest signals growing institutional confidence in the project's bankability following recent commercial milestones.
The financing progress follows long-term binding offtake agreements secured with two major Scandinavian steel producers in February 2025 and April 2026. One of these contracts is with Finland’s Outokumpu, Europe’s largest stainless steel producer, for molybdenum oxide produced at the site.
Securing domestic supply chains for critical minerals is a top priority for European policymakers. According to Greenland Resources, the high-grade output from the first half of the mine life will average 32.8 million pounds of contained molybdenum metal annually.
The company states this initial decade of production would satisfy approximately 25 percent of total European Union yearly consumption and 100 percent of the bloc's defence requirements for the metal. This output is graded at 0.23 percent MoS2.
The project is underpinned by a completed NI 43-101 definitive feasibility study and proven and probable reserves of 245 million tonnes. These reserves grade 0.176 percent MoS2 and contain 571 million pounds of molybdenum across a 30-year exploitation licence.
Earlier this year, the Canadian junior explorer expanded its footprint by securing exclusive rights to an approximate 1,147 square kilometre land package. This area surrounds the existing exploitation licence, giving the company what it described as a “dominant mineral licence position” on the east coast.
Shares of Greenland Resources, which trade on the TSX as MOLY and on the FSE as M0LY, reacted positively to the broader development news. The stock closed up 1.3 percent in Toronto, valuing the company at a market capitalization of C$203 million, or $146 million.
