Alba Mineral Resources PLC has provided an update on its portfolio company, GreenRoc Mining Plc, regarding changes to Greenland's mining laws and the subsequent impact on the application process for an Exploitation Licence for the Amitsoq Graphite Project in South Greenland. The modification to the mining laws, effective from January 1, 2024, is expected to significantly reduce the timeline for GreenRoc to apply for and obtain the Exploitation Licence for the Amitsoq project. As a result, GreenRoc is targeting the first half of 2024 for the filing of its application, with the possibility of the licence being granted before the end of 2024.
The change in the law allows the process for the grant of an Exploitation Licence to run in parallel with the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) processes, rather than having to wait for the latter to be completed. This is expected to considerably reduce the additional time required to achieve an Exploitation Licence. GreenRoc has already submitted its draft Project Description for Amitsoq and its draft EIA and SIA Scoping Studies, and has fulfilled the condition requiring a viable mineral deposit to be substantiated and delineated at Amitsoq. The company expects to submit an application for an Exploitation Licence in the first half of 2024, paving the way for a possible grant of the licence before the end of 2024.
In addition to the changes in the application process for the Exploitation Licence, GreenRoc has also made an application to expand its exclusive Mineral Exploration Licence near Nanortalik in South Greenland. The expansion area applied for is the last remaining area in the vicinity of GreenRoc's existing mineral exploration licence package in South Greenland known to host significant graphite mineralisation and which is not already under licence to GreenRoc. This expansion aligns with the company's efforts to secure development finance for the Amitsoq Project.
The news indicates positive developments for GreenRoc and its flagship Amitsoq Graphite Project, with the changes in Greenland's mining laws expected to streamline the process for obtaining the Exploitation Licence and potentially accelerate the project's development timeline.