- Greenland Minerals has reported a revenue increases and operating cost decreases at Kvanefjeld Project in South Greenland
- Mineral recovery rates are up to 94 per cent, prompting revenue increase of $44.69 million
- Operating costs have also reduced by 40 per cent
Greenland Minerals chugs along to reduced costs and higher profits after announcing positive news from its Kvanefjeld Project in Southern Greenland.
The company released to the ASX today the recovery rate of rare earth minerals on site increased to a whopping 94 per cent. Annual revenue has also increased by $44.69 million and operating costs are down 40 per cent.
Metallurgical optimisation took place from 2017-2018 on site in a joint-effort between Greenland Minerals and major shareholder Shenghe Resources.
Greenland Managing Director John Mair says the results of an enhanced leaching method and recovery circuit breakout from last year is paying off.
“The low operating costs reflect the large output and simple, highly- efficient processing which are the key project advantages,” he said.
“Substantial improvements to flotation performance result in a higher-grade, lower volume mineral concentrate, reducing the scale of the refinery circuit,” he added.
The refined recovery method marks an estimated 32,000 tonnes per annum for the company.
“The improvements are the result of metallurgical program led by our major shareholder Shenghe Resources and have the project on track to be output, producer of rare , over an initial 37-year mine life, said.
Greenland Minerals expects its ore recoveries to be critical to the support of electric transport systems, wind energy and other renewable resources.
Major minerals mined from the project include neodymium oxide, praseodymium oxide, uranium oxide, zinc and more.
Today’s news moved the company to nudge 2.53 per cent in the market. Shares are trading at 8.1 cents each in a company market cap of $90.61 million.