Greenland Minerals and Energy, China’s NFC Sign MOU

Greenland Minerals and Energy Ltd. (ASX:GGG) announced yesterday that it has signed a non-binding memorandum of understanding (MOU) with China Non-Ferrous Metal Industry’s Foreign Engineering and Construction Company Ltd. (NFC) (SZSE:000758).

Under the MOU, the two companies will form a “fully-integrated global rare earth supply chain” by aligning rare earth concentrate from Greenland’s Kvanefjeld project with NFC’s rare earth separation capacity.

As quoted in the press release:

The complementary aspects of GMEL’s Kvanefjeld Project and NFC’s planned rare earth separation capability are clear, and represent a compelling opportunity.

Under the terms set out in the MOU, both parties intend to increase the technical cooperation to assist in the completion of feasibility studies on Kvanefjeld, and finalise a mining license application. The timing is important as the technical exchange is designed to ensure that Kvaenfjeld and NFC’s new separation facility are optimally aligned. Both parties are aiming to establish a strategic cooperation agreement, and map out the structure of a business partnership and associated commercial considerations. The creation of a full value chain will have GMEL well-positioned to commence marketing rare earths to end-users globally, and to secure offtake agreements.

Click here to read the full Greenland Minerals and Energy Ltd. (ASX:GGG) press release.