Canadian mining company Greenland Resources Inc. has announced that it has signed a non-binding memorandum of understanding (MoU) with Italian steelmaker Cogne Acciai Speciali for the supply of molybdenum.
The agreement will provide Cogne with long-term supplies of ferromolybdenum and molybdenum oxide, which are extracted in Greenland and roasted in Belgium, helping Cogne cut its Scope 1 and 2 emissions.
Although the EU is the second largest user of molybdenum in the world, it does not extract the mineral itself. Italy ranks second in the EU in terms of molybdenum utilization after Germany.