EventThe Greenland government granted an exploration licence to Greenland Mines’ Sarfartoq project, a 5.9‑million‑tonne carbonatite deposit near Kangerlussuaq that could add roughly 27 Mt of neodymium and 8 Mt of praseodymium to global supply. Shares jumped 22% on the announcement, closing at $10.14.
The approval gives Greenland Mines the right to explore its 5.9‑million‑tonne carbonatite deposit, a major neodymium‑praseodymium resource about 60 km from Kangerlussuaq, potentially adding millions of kilograms of critical materials to global supply.
Greenland Mines secured a mineral exploration license for its Sarfartoq rare‑earth project after government approval under the Greenland Mineral Activities Act, enabling the company’s $35 million acquisition from Neo Performance Materials and granting Neo up to 60% of future ore production. The move is seen as a key step toward building a Western‑aligned neodymium‑praseodymium supply chain in the Arctic.
