Finland-based stainless steel producer Outokumpu has announced that it has signed an agreement with Canadian miner Greenland Resources Inc. for the supply of molybdenum at a competitive price for 10 years.
Being the owner of the Malmbjerg molybdenum project in Greenland, Greenland Resources will supply low-emission molybdenum worth about $1.60 billion at current market prices, meeting approximately half of Outokumpu’s annual needs.
The agreement will enable Outokumpu to further decarbonize its operations and to strengthen its supply chain of critical raw materials. Molybdenum is essential for the production of specialty stainless steel.