MiningInsights, 7 October 2023
Outokumpu, a titan in the stainless steel domain, is advancing its sustainable sourcing footprint, now setting sights on the eco-conscious molybdenum supplies. The company has recently penned a letter of intent with Greenland Resources Inc., marking a strategic move towards cementing a dependable supply chain for this pivotal stainless steel ingredient.
The centerpiece of this alliance is the Malmbjerg molybdenum deposit in eastern Greenland, spearheaded by Greenland Resources. A standout feature of this deposit is its high-grade molybdenum with a low environmental backlash, positioning it as a premier eco-conscious deposit. Enveloped by Denmark's stringent environmental, social, and governance (ESG) norms, the project is a testament to Greenland Resources' commitment to sustainability.
Endorsements for the Malmbjerg molybdenum project come from notable European entities, such as the European Institute of Innovation and Technology (EIT) RawMaterials and the European Raw Material Alliance (ERMA). As per a recent communique, this venture might soon cater to nearly a quarter of Europe's molybdenum requisites, a significant feat given Europe's stature as the world's second-largest molybdenum consumer without domestic production.
What sets the Malmbjerg project apart is its environmentally-tuned infrastructure. The gravity-based aerial rope conveyor is a testament to this, transporting a daily load of 35,000 tonnes of ore sans energy, ensuring zero carbon emissions and even harnessing electricity during braking phases.
Outokumpu's Chief Procurement Officer, Marc-Simon Schaar, underscored the strategic importance of this collaboration. He pinpointed Outokumpu's aspiration to curtail supply chain emissions and source sustainable raw materials, with Greenland Resources' molybdenum emerging as a perfect fit.
Echoing this sentiment, Dr. Ruben Shiffman, Chairman of Greenland Resources, spotlighted the Malmbjerg deposit's unique blend of richness and environmental consciousness. He emphasized its suitability for Outokumpu's high-grade steel production. This partnership, he noted, ensures a 20-year supply of premium molybdenum oxide and carbon-neutral briquettes, all while upholding top-tier ESG standards.
All in all, this joint venture between Outokumpu and Greenland Resources accentuates a shared ethos of sustainable operations and conscientious raw material sourcing in the stainless steel landscape.
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