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(Alliance News) - GreenRoc Mining PLC on Wednesday touted development opportunities at its Amitsoq asset, after the European Raw Materials Alliance declared its support for the project.
GreenRoc is a London-based company focused on the development of critical mineral projects in Greenland. Alba Mineral Resources PLC, a northern Europe-focused mineral explorer, holds a 50.6% majority interest in GreenRoc.
The Amitsoq Graphite Project is GreenRoc's key focus in southern Greenland. ERMA's letter of support follows an increase in the project's mineral resource estimate to 23.05 million tonnes at an average grade of 20% graphitic carbon.
The letter, issued alongside EIT RawMaterials, stressed Amitsoq as a resource of "global importance". Both parties indicated their support for GreenRoc Mining to secure the financing needed for the development of Amitsoq.
GreenRoc emphasised that approval from ERMA could open the door to new investment and partnership opportunities "across all stages of Amitsoq's future development".
"We believe that this declaration of support from ERMA, part of EIT RawMaterials, is important for the development of Amitsoq. Not only does it provide validation from the raw materials consortium of the fundamental qualities of the project, but it opens the door to new investment and partnership opportunities," said Chief Executive Officer Stefan Bernstein.
"We look forward to close collaboration with the team from ERMA as we seek to accelerate the development of Amitsoq towards commercial production for the benefit of our shareholders."
GreenRoc shares were trading 0.1% higher at 4.60 pence each in London on Wednesday at noon. Alba Mineral shares were up 11% at 0.13 pence.
By Holly Beveridge; Alliance News reporter
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