PRESS RELEASE
Luxembourg, 21 May 2025
The Jean Boulle Group (“the Group”) is pleased to welcome the announcement made today by the Government of Greenland that it has granted an Exploitation Licence to Greenland Anorthosite Mining A/S (“GAM” or the “Company”), in which the Group is majority shareholder. GAM was founded by the Jean Boulle Group whose successful exploration, discovery and development it has funded.
Commenting on the grant of the licence for GAM, Mr Jean-Raymond Boulle II said:
“Discovery is our mission and our sustained commitment to developing what we find has again led to a pioneering project becoming a valuable mine. Our group is delighted to have been awarded this licence by the Government of Greenland to enable mining to begin. We look forward to continuing the excellent relationships we have built with the people of Greenland over more than 20 years at all levels and to playing a significant role in the future prosperity of their nation.
“Our team has been exploring Greenland extensively for many years and has a made a number of mineral discoveries. Today I congratulate the many members of our exploration team, our shareholders and the supportive community on reaching this important milestone. Thank you for your persistence in discovery of what is possible. We look forward to the future together.”
After several years of major investment to define the mineral resource and assess the market opportunity for anorthosite and its downstream applications, the Group funded studies into the construction and operation of the mine as well as completing extensive social and environmental impact assessments. Agreements have followed detailed studies undertaken in partnership with industry which have confirmed the uniquely high purity of the Company’s product and GAM is now poised to capitalize on that investment.
The Group’s experience in many countries across the world over past decades will enable GAM to start operations, provide safe and sustained employment and manage the marketing to downstream customers in global markets.
The announcement below was issued today by GAM:
Greenland Anorthosite Mining A/S is Awarded License to Commence Mining
PRESS RELEASE
21 May 2025 – Greenland Anorthosite Mining A/S (“the Company” or “GAM”) is pleased to announce that the Government of Greenland has granted GAM a 30 year Exploitation Licence for anorthosite mining at Piiaaffik Itersarmiut Allit, North-East of the village Qeqertarsuatsiaat, in West Greenland.
The announcement follows sustained investment in the project including development of a Mineral Resource Estimate, several metallurgical studies to plan and verify processing of the resource, extensive logistical planning, research to develop economic studies and impact assessments related to the social and environmental factors and more. The partnership between Greenlanders, the GAM team and investors led by the Jean Boulle Group included state investment funds from Greenland and Denmark, the Greenlandic Pension Fund SISA representing the majority of the working population in Greenland and the Danish SIFI bank Arbejdernes Landsbank.
Naaja H. Nathanielsen, Minister for Business, Mineral Resources, Energy, Justice and Gender Equality, said:
“It is a great pleasure to be able to issue a new exploitation licence for mineral resources. In recent years, the Government of Greenland has worked on reforming the area of mineral resources and simplifying the processes involved, while still maintaining our fundamental values to protect the environment and to look after society’s interests. We now see the fruit of that labour. Development of mineral projects is one of the Government’s instruments in pursuing the goal of a more independent economy. I congratulate the company, and I look forward to continuing the cooperation for the benefit of us all.”
Wayne Malouf, Chairman of Greenland Anorthosite Mining A/S, said:
“I am pleased the Ministry of Mineral Resources shares our vision of the economic and social potential that this project presents. We are proud to pave the way for responsible natural resource development in Greenland after a sustained investment in patient and diligent activities during the preceding 20 years. The project will generate significant benefits for the local community and support the region’s economic and social development for many years by facilitating the responsible supply of raw materials to serve global customers.”
Anorthosite is a white rock primarily comprised of aluminum, micro silica, and calcium. GAM’s deposit is of uniquely high purity with low alkali and high aluminium content, making the raw material particularly suitable for use in E-glass, an essential material in the high-growth transport, construction and green energy sectors. Mining and processing of anorthosite is simple, utilises relatively little energy and leaves no harmful waste. By-products of beneficiation comprise crushed rock which is used in road building or stored in risk free deposits and minor metallic byproducts that are in demand for recycling purposes.
The Company’s anorthosite resource was discovered by the exploration team of the Jean Boulle Group in Fiskenæsset on Greenland’s west coast, south of the capital Nuuk. The resource is unique in size, and studies conducted by the analytics company ALS and the technical mining consulting company SRK show that the material from Greenland Anorthosite Mining’s’ deposit is of particularly excellent quality with low alkali content.
ENDS
For further information please contact
Greenland Anorthosite Mining
Michael Oke +44 207 321 0000 or gam@aura-financial.com
Claus Stoltenborg, CEO +45 22736699 or cs@gam.gl
Notes to Editors:
About Greenland Anorthosite Mining A/S
The anorthosite material has a wide range of applications including the production of E-glass, paint, ceramics, insulation and aluminium related applications all over the world. A critical, proven technical advantage of the high quality anorthosite discovered on the Company’s property is that it enables the production of fiberglass and aluminium using processes that are far more environmentally friendly than the normal production methods, which use materials such as kaolin and bauxite.
The Company was in 2022 granted the Greenland Prospector and Developer of the Year award by the Ministry of Mineral Resources because it demonstrated initiative, innovation and alignment with Greenlandic environmental practice, through its role in identifying and continuing to develop the world’s largest and highest quality anorthosite deposit.
The Company’s lead investor the Jean Boulle Group discovered the anorthosite deposit and was subsequently joined by shareholders including Greenland Venture (established and owned by the Greenlandic Government), SISA (the Greenlandic Pension Fund), Vækstfonden (the Danish State’s investment fund) and several institutional, corporate and private investors.
About Jean Boulle Group
The Group is principally active in natural resources, medical technology, therapeutics, energy, luxury and philanthropy. Since its foundation by Jean-Raymond Boulle the Group has completed transactions worth more than US$5 billion. Its investments span early-stage private funding for innovative technologies through to acquisitions, special situations and strategic investments in publicly traded companies on leading stock exchanges. The Group often co-invests alongside state investment and pension funds and uses its specific industry knowledge to discover, evaluate and develop new enterprises.
Mr. Boulle was the Chairman, founder and CEO of Diamond Fields Resources Inc., a company listed on the Toronto Stock Exchange that discovered the Voisey’s Bay Mine (acquired by Inco Ltd. in 1996 for $4.3 billion) which shares the same geology as the Greenland Anorthosite Mining resource. Mr. Boulle was subsequently involved in several successful mining companies, including Adastra Minerals Inc. (acquired by First Quantum Minerals Ltd. in 2006 for approximately US$275 million) and World Titane Holdings Ltd. (acquired by Base Resources Ltd. in 2017 for US$90 million). Mr. Boulle started his career at the De Beers Diamond Trading Company London where he worked for ten years in Zaire, Sierra Leone and Belgium.
As an investor and entrepreneur, Mr. Boulle has founded a number of mining companies that have made discoveries of nickel, cobalt, copper, zinc, titanium and diamonds. Mr. Boulle has successfully listed companies on the following stock exchanges: AIM (England), TSX (Canada), ASX (Australia) and SEM (Mauritius). Beyond mining, he has established businesses in sectors including medical technology, therapeutics, agriculture, luxury and energy. The Jean Boulle Group supports a range of environmental and conservation projects with a focus on Mauritius, where he was born.