Greenland Minerals and Energy Limited (ASX:GGG) has changed its name to Greenland Minerals Limited after receiving shareholder approval at the annual general meeting.
Greenland believes the new name is more concise whilst maintaining a clear reference to the company’s focus and activities.
The change of name has been registered by the Australian Securities and Investment Commission (ASIC).
Essential rare earth elements for electric motors
The company’s Kvanefjeld project in Greenland has a resource of over 1 billion tonnes containing 11.1 million tonnes of rare earth oxide and 593 million pounds of uranium.
The project is forecast to be the largest producer of key rare earth elements for electric vehicles.
These include neodymium, praseodymium and dysprosium which are essential to high-powered permanent magnets used in electric drive motors.
Prices of neodymium and praseodymium have been rising on the back of strong demand and tightening supply.
The new pro-mining government in Greenland has set the scene for the company to effectively move through the next steps in the permitting process, and gain project approvals.