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- Greenland Minerals (GGG) appoints new managing director following Greenland’s recent ban on uranium
- Daniel Mamadou, who replaces Dr John Mair, will assist with the next stages of the company’s key asset, its 100%-owned Kvanefjeld Rare Earths project in southern Greenland
- Following legislative changes, the company plans to leverage off its cash position of $31.6 million as of September 30
- Until there is clarity, the board explains it is important and timely to seek new opportunities outside of Greenland
- Greenland Minerals shares are down 2.5 per cent at 7.7 cents at 2:35 pm AEDT
Greenland Minerals (GGG) has appointed a new managing director, Daniel Mamadou, following Greenland’s recent ban on uranium.
Mr Mamadou, who replaces Dr John Mair, will assist with the next stages of the company’s key asset, its 100%-owned Kvanefjeld Rare Earths project in southern Greenland.
Following legislative and administrative changes in Greenland during 2021, the company plans to leverage off its cash position of $31.6 million as of September 30.
This will allow the company a new focus and reinvigorate its activities.
The company is in communication with the Greenland government regarding the Kvanefjeld Impact Benefit agreement, the remaining requirement to complete the formal exploitation licence application.
Until there is clarity from the legislation, the board explains it is important and timely to seek new opportunities outside of Greenland.
Dr Mair will work in an advisory capacity with Singapore based Mr Mamadou to transition the company effectively.
Greenland Minerals chairman Tony Ho says the former managing director made a big impact in the company.
“We thank John for his tireless efforts to advance the Kvanefjeld project during his seven years as Managing Director,” he said.
“Thanks to his focus, Greenland Minerals has advanced the project to predevelopment status, and has the potential to be a globally significant producer of neodymium, praseodymium, terbium, and dysprosium going forward.”
Daniel Mamadou is the founder of Singapore based company Welsbach Holdings, which specialises in the financing and development of technology metals supply chains.
“The team at Greenland Minerals has worked tirelessly to advance the Kvanefjeld project and boasts of an intimate understanding of the challenges associated with bringing new supplies of rare earths into production,” Mr Mamadou said.
“I look forward to work with the team to re-evaluate the Company’s strategic options and to chart its course going forward.”
Greenland Minerals shares are down 2.5 per cent at 7.7 cents at 2:35 pm AEDT.
