Greenland Resources Inc. (“Greenland Resources” or the “Company”) clarifies the press release of February 14, 2024 announcing that the Company has signed a Memorandum of Understanding (the “MOU”) with COWI A/S (“COWI”), an integrated engineering and environmental company based in Denmark.
The MOU strengthens current ongoing work with COWI (see Press Release December 18, 2023) and is designed to set the basis for further binding agreements and engineering financing during the construction and life of mine on engineering sustainability solutions including the new Corporate Sustainability Reporting Directives (“CSRD”) required by the European Union.
The new CSRD expand the scope and content of current EU non-financial reporting obligations to capture a wider range of Environmental, Social and Governance (“ESG”) topics that are also required by the export credit agencies as well as European commercial and supranational banks. Greenland Resources already received letters of intent to finance Capex from German and Danish commercial and export development banks, respectively. In the case of Denmark, COWI has a framework agreement with the Export and Investment Fund of Denmark (“EIFO”) to provide consultancy services for environmental and social risk management and sustainability, including the EU Taxonomy for sustainable finance. The Company believes that the MOU with COWI provides strong support on CSRD compliance and capex financing.
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