Greenland Mines secures mineral exploration license for Sarfartoq Project
2026-08-24 11:47:09 [Print]
Greenland Mines announced on Friday that the Government of Greenland, through the Ministry of Business and Mineral Resources (Naalakkersuisut), has formally approved the indirect transfer of the Mineral Exploration License covering the Sarfartoq carbonatite complex to the company.
The approval, granted under the Greenland Mineral Activities Act, fulfills one of the key regulatory conditions required to close the company's acquisition of the Sarfartoq project from Neo Performance Materials, a deal valued at $35 million.
As part of the transaction, Neo Performance will retain offtake rights on up to 60% of future ore or mineral concentrate production from the project.
Greenland Mines has described Sarfartoq as one of Greenland's "most advanced and compelling rare earth projects," citing its high-grade mineralization and favorable logistics relative to Arctic conditions. The project is located approximately 60 kilometers southeast of Kangerlussuaq and hosts a carbonatite deposit strongly enriched in neodymium and praseodymium (Nd-Pr).
The project is supported by a historical NI 43-101 Mineral Resource Estimate and a Preliminary Economic Assessment, backed by more than 15 years of exploration work and over 23,000 meters of drilling.
According to historical resource figures cited by the company, the deposit contains approximately 27 million kilograms of neodymium oxide and 8 million kilograms of praseodymium oxide. These resources are concentrated within one zone that holds 5.88 million tonnes of indicated material grading 1.77% total rare earth oxides (TREO), along with 2.46 million tonnes of inferred material grading 1.59% TREO.
The approval, granted under the Greenland Mineral Activities Act, fulfills one of the key regulatory conditions required to close the company's acquisition of the Sarfartoq project from Neo Performance Materials, a deal valued at $35 million.
As part of the transaction, Neo Performance will retain offtake rights on up to 60% of future ore or mineral concentrate production from the project.
Greenland Mines has described Sarfartoq as one of Greenland's "most advanced and compelling rare earth projects," citing its high-grade mineralization and favorable logistics relative to Arctic conditions. The project is located approximately 60 kilometers southeast of Kangerlussuaq and hosts a carbonatite deposit strongly enriched in neodymium and praseodymium (Nd-Pr).
The project is supported by a historical NI 43-101 Mineral Resource Estimate and a Preliminary Economic Assessment, backed by more than 15 years of exploration work and over 23,000 meters of drilling.
According to historical resource figures cited by the company, the deposit contains approximately 27 million kilograms of neodymium oxide and 8 million kilograms of praseodymium oxide. These resources are concentrated within one zone that holds 5.88 million tonnes of indicated material grading 1.77% total rare earth oxides (TREO), along with 2.46 million tonnes of inferred material grading 1.59% TREO.
