Greenland soars on landmark China NFC MoU

Company News

Shares in Greenland Minerals and Energy Limited (ASX:GGG) have soared after inking a landmark Memorandum of Understanding (MoU).

The agreement has been signed with rare earth specialist China Non-Ferrous Metal Industry's Foreign Engineering and Construction Co. Ltd (NFC).

Both companies plan to form a fully integrated global rare earths supply chain to create a powerful force in global rare earth supply.

Joint co-operation will include aligning the rare earth concentrates from Greenland's Kvanefjeld Project in Greenland with NFC's rare earth separation experience and capacity.

Greenland Minerals and Energy has advised the non-binding deal comes after three years of numerous meetings and technical due-diligence.

Kvanefjeld is underpinned by one of the world's largest resources of rare earth elements and uranium and currently in the Definitive Feasibility Study stage.

Shares in Greenland Minerals and Energy have soared 24.14 per cent in morning trade to $0.18.