GreenRoc Mining plc has awarded the contract for a formal preliminary economic assessment (PEA) and established a subsidiary at its Amitsoq graphite project in Greenland.
COSTS
SLR Consulting Ltd will begin work this month and expects to complete the PEA by September 2023.
Chief executive Stefan Bernstein said that the PEA would be the first in a series of studies on the technical aspects and costs of construction and operation of Amitsoq mine and processing plants.
“The undertaking of this important piece of work represents the next major step forward for the Amitsoq project.
“Upon its completion, the PEA will provide an economic model to demonstrate the profitability of the mining of graphite at Amitsoq.”
GREENLAND GRAPHITE
GreenRoc has also set up a wholly owned Greenlandic registered subsidiary, Greenland Graphite a/s.
Two graphite mineral exploration licences (2013-06 and 2022-03) currently owned by GreenRoc’s subsidiary Obsidian Mining Ltd will be transferred to the subsidiary, pending regulatory approval.
The company said that under Greenland’s mining regulations, mining companies moving to the exploitation phase of a project must be incorporated in Greenland.
Mr Bernstein added that GreenRoc was “currently actively exploring” European Union funding.