Greenland Resources Inc. (NEO:MOLY, FSE:M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that Dr. Jørgen Huno Rasmussen has joined our European Advisory Board with the objective of providing technical engineering support on the equity capex financing process with the Danish stakeholders.
Dr. Jørgen Huno has over 25 years of experience heading international project businesses in general and in mining in particular. Among others, he was CEO of Hoffmann A/S for 16 years, the oldest Scandinavian construction company executing infrastructure projects in Greenland, followed by 10 years as CEO of FLSmidth & Co. A/S, a global leader in mining technology and equipment as well as construction of cement plants on a turnkey basis. He has also for a decade been Vice-Chairman of the international engineering groups Rambøll Group A/S and Topsoe A/S.
In addition, Mr Huno Rasmussen has financial experience as former Chairman of the insurance group Tryg A/S and The Lundbeck Foundation. He has a Ph.D. in Project Management from the Technical University of Denmark and is an Adjunct Professor at Copenhagen Business School.
Dr. Jørgen Huno commented: “Greenland Resources Inc. is addressing a critical need especially for Europe to supply the necessary molybdenum and byproduct magnesium, and I am very excited to contribute to this essential project that is combining my experience in mining, large project execution in general and in Greenland in particular.”
Dr. Ruben Shiffman, Chairman, commented: “We are thrilled that Jørgen joined our advisory board. Now that we received our exploitation license, we are beginning the equity capex financing process and Jørgen will be instrumental on technical aspects of the project with Danish stakeholders.”
“The project has the potential to boost Greenland’s GDP by approximately 22% and can generate taxes for Greenland equivalent to 18% of Denmark’s grants to Greenland. The project can meet all of Denmark’s molybdenum demand and can also meet all the EU’s defence molybdenum demand (over 80% of metallic materials used in defense applications contain molybdenum). This is relevant because only China and the United States supply primary molybdenum to Europe, and the EU is the second largest molybdenum user worldwide with large processing capacity but has no extraction.”
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