Greenland Mines Ltd has completed its US$35 million acquisition of the Sarfartoq rare earths project in southwest Greenland.
The transaction closed on September 1 following approval from the Government of Greenland. Greenland Mines paid US$20 million in cash and US$15 million in company securities for Neo North Star Resources, which holds the Sarfartoq mineral exploration license.
Neo Performance Materials has become a Greenland Mines shareholder and retains offtake rights for up to 60 percent of any future ore or mineral concentrate produced at Sarfartoq. The material could be processed at Neo’s Silmet rare earth separation facility in Estonia.
Greenland Mines says its technical team will return to Sarfartoq during September. Planned work includes infill drilling, metallurgical testing, mine engineering, environmental studies and drone magnetic surveys as the company moves the project toward a prefeasibility study.
The company estimates that potential annual NdPr production from Sarfartoq’s ST1 deposit could equal approximately 34 percent of the NdPr oxide refined outside China at 2025 consumption levels.
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