Outokumpu, a global leader in sustainable stainless steel, has signed an off-take agreement with Canadian mining company Greenland Resources Inc. for the future supply of a key raw material at competitive prices. The deal covers approximately 8 mln pounds of molybdenum annually, valued at around USD 160 mln based on current market prices. This supply will meet nearly half of Outokumpu’s annual molybdenum demand, with the company’s total raw material procurement exceeding USD 3.14 bln per year.
Greenland Resources Inc. owns the Malmbjerg project, a world-class primary molybdenum deposit in East Greenland. The project has completed a feasibility study and aims to begin commercial production within the decade. The agreement’s commencement is contingent upon meeting customary conditions. This partnership supports Outokumpu’s decarbonization efforts and aligns with its long-term strategy for sustainable and cost-efficient value-chain integration.
The agreement ensures a stable molybdenum supply for Outokumpu’s European operations, reinforcing its position in advanced materials. Molybdenum is a critical component in the production of specialty stainless steel, essential for high-performance applications.
