A financial handover is on the way from Denmark to the mining company Green Roc, which will reopen an old graphite mine in southern Greenland. The Danish Export and Investment Fund (EIFO) will issue a loan of 39 million kroner for the reopening of the Amitsoq mine. The fund writes in a press release.
The mine was in operation from 1915 to 1922, but had to close because there was a lack of effective tools to separate graphite from ore. Graphite is used, among other things, in the production of lithium-ion batteries. China dominates the global supply chain for graphite and accounts for approximately 80 percent of the extraction of natural graphite.
The EU has entered into a strategic partnership with Green Roc, which is wooing to become one of a total of 13 projects that the EU will support with a billion.
Wants to promote the green transition
For EIFO, it is precisely about supporting "the supply of indispensable raw materials for Europe's green transition and for the European defense industry," the press release says.
- The project is fully in line with EIFO's strategic ambitions to finance sustainable and significant business initiatives in Greenland, while strengthening Europe's security of supply of critical minerals, says Chief Commercial Officer Peter Boeskov in the release.
- We are also working purposefully to promote the green transition, which largely depends on stable and secure value chains for critical raw materials such as graphite, says it.
According to the press release, the graphite in the Amitsoq mine has a very special quality that is suitable for use in batteries for electric cars and in "other technologies that are critical for the green transition and for the defense industry".
Green Roc estimates that there are up to 23 million tons of graphite ore in the mine. The plan is to mine 400,000 tons of ore per year and produce around 80,000 tons of graphite concentrate per year.
/ritzau/
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