Outokumpu signs a letter of intent with Greenland Resources Inc. to strengthen the future supply chain of low-emission high-quality molybdenum
- Outokumpu signs a letter of intent with Greenland Resources Inc. to strengthen the future supply chain of low-emission high-quality molybdenum. The collaboration aims to reduce supply chain emissions and ensure access to sustainable molybdenum suppliers. Outokumpu's stainless steel already has the lowest carbon footprint in the industry.
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Outokumpu, the global leader in sustainable stainless steel, has been exploring opportunities to secure sustainable molybdenum supplies from western suppliers – as a part of its long-term strategy for value-chain integration. Molybdenum is a critical and strategically important raw material for Outokumpu's stainless steel production.* Outokumpu has therefore signed a letter of intent with Greenland Resources Inc., a Canadian mining company developing the Malmbjerg molybdenum project in east
Malmbjerg molybdenum deposit in east
Greenland Resources is developing one of the highest grade molybdenum deposits in the world with an ore body that contains very few deleterious elements, in a high ESG standard jurisdiction part of
The Malmbjerg molybdenum project has a low footprint due to modularized infrastructure, low CO2 emissions, low aquatic disturbance and clean contained tailings. The transport of 35,000 tonnes of ore per day uses a gravity based aerial rope conveyor that requires no energy and therefore causes no carbon emissions and generates electricity from braking.
"The carbon footprint of Outokumpu's stainless steel is already the lowest in the industry. It is a competitive advantage for us, and we want to drive green transition and further decarbonize our product – and the whole industry. Cooperation within our value chain allows us to reduce our supply chain emissions, and at the same time we also want to ensure access to the most sustainable molybdenum suppliers like the Canadian company Greenland Resources. Long-term cooperation with Greenland Resources could also provide us an access to a stable supply of molybdenum and protect us from volatile market pricing and supply. We are excited about the collaboration and are looking forward to continuing the good dialogue aiming at a binding long-term cooperation," says Marc-Simon Schaar, Chief Procurement Officer at Outokumpu.
"We plan to extract quality molybdenum with high ESG standards from
*Molybdenum improves the corrosion resistance, and stainless steel grades that include molybdenum are sometimes called acid-proof.
Further information on the environmentally friendly mine design of the Malmbjerg molybdenum project from the video.
For more information:
Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 40 071 9669
Media: Päivi Allenius, VP – Communications and Brand, tel. +358 40 753 7374 or Outokumpu media phone +358 40 351 9840, e-mail media(at)outokumpu.com
The following files are available for download:
https://news.cision.com/outokumpu-oyj/i/malmbjerg-project--courtesy-of-greenland-resources-,c3223025 | Malmbjerg project (courtesy of Greenland Resources) |
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SOURCE Outokumpu Oyj
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