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Greenland Minerals And Energy MD Buys Shares On Market

Greenland Minerals and Energy (ASX:GGG) managing director Roderick McIllree has acquired 257,893 shares of the company in an on market purchase.

He paid $24,674, or an average consideration of $0.0957, for the shares, which brings his total shareholding up to 14,122,599 shares.

The company is finalising an exploitation (mining) license application for the Kvanefjeld project in Greenland.

It had recently appointed a manager for uranium marketing and contracts to follow-up on the successes it has enjoyed on the rare earth business.

Kvanefjeld has large resources of 575 million pounds of U3O8, 10.33 million tonnes of total rare earth oxides and 2.25 million tonnes of zinc with direct shipping access to markets in North America and Europe.

This has the potential to rival BHP Billiton's Olympic Dam project in South Australia, with sufficient Resources to sustain a mine life of more than 50 years.

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