Shares of GreenRoc Mining PLC (AIM: GROC) surged by over 50% this morning after the company secured land at a sustainable industrial park in southern Norway for its planned graphite active anode materials production facility.
The AIM-listed company also announced that it has applied for ‘strategic project’ status under the EU’s Critical Raw Materials Act and submitted a project description for the Amitsoq graphite mine in South Greenland to the local government.
Highlights
LOI for AAM Plant
· GreenRoc has signed an LOI with Otra Holding a/s, the owner of Eyde Materials Park in southern Norway, a sustainable industrial park focused on the battery value chain and the green transition, to reserve an area of 100,000m² for GreenRoc’s AAM plant.
· A new powerline providing 800MW to the area is planned for 2027 and an industrial road leading the 5km to Port of Arendal at Eyde is under planning/construction.
Application for EU Strategic Project Status
· GreenRoc has submitted its application to the EU for each of the Amitsoq Graphite Mine and AAM Plant to be designated as a “Strategic Project” under the EU’s CRMA. The processing of applications will take place in the autumn of 2024, with the first round of Strategic Projects expected to be announced by December 2024.
· Being awarded Strategic Project status brings several potential advantages, such as priority treatment in the permitting process, potential eligibility for financial support from EU funding programmes and enhanced visibility and attractiveness to investors.
Submission of Project Description as part of Exploitation Permit Process
· As part of the process of obtaining the grant of an Exploitation Permit for the Amitsoq Graphite Mine, GreenRoc has submitted its final Project Description to the Greenlandic Government for approval, prior to public consultation.
With the EU set to process applications in the coming months, the first round of strategic projects is expected to be announced before the year’s end.
If these projects are classified as strategic, they will receive priority in the permitting process and may become eligible for financial support from EU funding programs.
CEO Stefan Bernstein commented, “Securing strategic project status will not only provide access to public financing for our work programs but also increase our visibility and attractiveness to potential offtakers and other strategic partners.”
Following the submission of the Amitsoq project description to the Greenland government for final approval, the next step will be a public consultation, anticipated to take place this autumn.
