GreenRoc reports progress with Amitsoq graphite project
By Josh White
Date: Tuesday 25 Feb 2025
(Sharecast News) - GreenRoc Strategic Materials updated the market on its Amitsoq graphite project in Greenland on Tuesday, reporting progress on its applications for EU strategic project status and an exploitation licence.
The AIM-traded company said it had submitted applications under the EU's Critical Raw Materials Act for both the extraction of graphite at Amitsoq and the processing of graphite concentrate into active anode material in Norway.
It said the first batch of approved strategic projects was expected to be announced in March, with GreenRoc awaiting confirmation of its status.
Progress was also reported on the Amitsoq exploitation licence, with an external review of the resource estimate now complete.
The board said the application was ready for final approval by the Greenland government before entering a 35-day public consultation period.
However, a general election in Greenland scheduled for 11 March had caused a slight delay, with public consultation now expected to begin in the second half of the year and final approval anticipated by the end of 2025.
GreenRoc noted that it had received an initial ESG assessment from Digbee, achieving a BB rating, with a range from CC to AA.
The company said it saw that as a strong starting point, adding that it aimed to enhance its ESG credentials as the Amitsoq project advanced.
In addition, purification testwork was underway at ProGraphite in Germany, focusing on optimising environmentally friendly purification techniques that avoid the use of hydrofluoric acid.
"We remain hopeful that the Amitsoq graphite mine and planned downstream graphite anode plant will be given strategic project status in this round," said chief executive officer Stefan Bernstein.
"It is anticipated that this status will help us access finance from more traditional financial institutions such as pension funds, that have been largely unavailable to us previously .
"To that end, I believe that our joining the Digbee platform for ESG disclosure and obtaining an initial BB-rating should provide financial institutions with evidence of our commitment to the highest ESG standards."
Bernstein said the rating provided a solid baseline for the firm to monitor and improve its ESG performance during development of the Amitsoq graphite mine to production.
"The call for a general election in Greenland was anticipated, as the law stipulates the election must be held every four years, with the last election having been in 2021.
"We do not anticipate that the formation of a new government will involve a lengthy process so, with our application for an exploitation licence at Amitsoq already submitted for approval by the government before it is put out to public consultation, we still expect our application to be considered this spring.
"Through our graphite consultants ProGraphite we continue to undertake advanced studies for the processing of our graphite concentrate into active anode material (AAM) for electric vehicles."
GreenRoc had already proven that Amitsoq graphite was "very amenable" to spheronisation, Stefan Bernstein explained, adding that as part of its commitment to environmentally-sound production of AAM, it was now exploring ways to completely substitute sodium hydroxide in the place of hydrofluoric acid, and to also decrease the amount of reagent required so as to reduce the cost of production.
"Finally, I'm delighted once again to have the opportunity to present GreenRoc's world-class Amitsoq graphite project at PDAC, the world's premier mining conference.
"Whilst there, I also intend to continue our discussions with a number of potential international strategic and financial partners."
Reporting by Josh White for Sharecast.com.
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