GreenRoc Strategic Materials Plc (“GreenRoc”) receives a loan facility of EUR 5.2 million from EIFO to support the company’s redevelopment of the Amitsoq graphite mine in southern Greenland. NATO and the EU have declared graphite to be a critical raw material.
EIFO has provided a EUR 5.2 million convertible loan facility to GreenRoc, a London-quoted junior mining company aiming to reopen the Amitsoq Graphite Mine in Southern Greenland.
The Amitsoq mine holds one of the highest-grade graphite deposits in the world. Graphite is a critical raw material used in batteries for electric vehicles (EVs) and in defence technologies.
Currently, China dominates the global graphite supply chain, controlling approximately 80 pct. of natural graphite extraction and nearly 100 pct. of downstream processing.
GreenRoc’s plans therefore represent a strategically important opportunity to strengthen the EU and NATO Alliance’s access to critical raw materials.
In June, GreenRoc’s Amitsoq graphite project was granted Strategic Project status under the EU’s Critical Raw Materials Act. NATO has also designated graphite as a critical raw material for a range of defence systems.
Peter Boeskov, CCO at EIFO, is pleased to support GreenRoc as the company takes the next crucial steps toward being able to contribute to the supply of indispensable raw materials for Europe’s green transition and defence industry:
“The project aligns very closely with EIFO’s strategic ambitions to support viable and impactful projects in Greenland, while also reinforcing business activities that contribute to the security of supply of critical minerals in Europe. We are equally committed to supporting the green transition, which is highly dependent on stable and secure value chains for critical raw materials like graphite,” said Peter Boeskov.
Well suited for energy storage applications
The Amitsoq graphite mine was last in production from 1915 to 1922, the relatively short period reflecting the fact that the know-how regarding the separation of graphite flakes had yet to be developed at the time.
The ore extracted from the Amitsoq mine is flake graphite with high crystallinity, which is considered ideal for producing active anode material used in lithium-ion batteries. Its high purity and crystalline structure make it particularly well suited for energy storage applications, including electric vehicles and other technologies critical to the green transition and the defence industry.
With GreenRoc, we are backing a company with the potential to play a pivotal role in securing graphite supply chains and creating jobs in Greenland. We are pleased to provide financing for this initiative.
GreenRoc has advanced the project significantly over recent years. A JORC-compliant resource of ca. 23 million tonnes at a grade of more than 20 pct. graphite has been defined at Amitsoq — enough to sustain two decades of mining activity, with credible prospects for substantially increasing the resource in the near term.
GreenRoc published the results of a Preliminary Economic Assessment of the Amitsoq Mine in 2023, with a planned mining rate of 400,000 tonnes a year, producing approximately 80,000 tonnes of graphite concentrate. It is also engaged in developing the capacity to process the graphite concentrate into graphite active anode material for the production of Li-ion batteries, as well as flexible graphite, widely used in the defence industry.
GreenRoc strives to ensure that its planned mining and processing activities will take place with minimal environmental impact and with positive social impacts on the local communities. The company has therefore commissioned DigBee™, a leading ESG disclosure platform for the mining industry, to conduct an ongoing independent assessment of its ESG performance and to help identify areas that can be improved while developing the project. As such, the Amitsoq project is the first ESG-rated project in Greenland.
The Amitsoq mountain.
The loan facility from EIFO can be used for reaching the next milestones in the development of the mine, which include bulk sampling, drilling and other activities relevant for mine development, as well as the commissioning of a brand-new pilot plant for the processing of Amitsoq graphite concentrate into active anode material.
Developing mining projects requires risk-tolerant capital, and if everything goes according to plan, EIFO is interested in supporting the continued development of GreenRoc in collaboration with other financial partners and investors.
George Frangeskides, Chairman of GreenRoc, commented:
“We are delighted to have reached this agreement with EIFO. It provides GreenRoc with a viable financing route to develop our plans to establish European domestic production of high-tech, high-demand graphite materials. We also see it as due recognition of the inherent quality of our Amitsoq project and an endorsement of our ambitions to establish a full-scale processing plant in Europe for the production of active anode material for the EV sector. We look forward to a strong and productive collaboration with EIFO.”
A strategic priority
The loan facility to GreenRoc tops up EIFO’s broader commitment in Greenland, which includes loans, guarantees and investments now totalling nearly EUR 52 million across 25 different companies in various industries.
Most recently, EIFO invested in the startup Rock Flour Company, which is working to utilise so-called glacial flour — a sediment formed when the Greenland ice sheet grinds against the bedrock — as a resource for fertilisation and carbon capture.
EIFO has also invested in three other mining companies through the initiative ‘The Business Collaboration’, in partnership with Greenland’s own investment company Nalik Ventures and SISA Pension.
At EIFO, CEO Peder Lundquist is pleased to see the organisation once again expanding its activities in Greenland with this strategically important loan facility to GreenRoc.
“Greenland is a strategic priority for EIFO. We are committed to supporting and strengthening its economic development, as well as promoting the advancement of supply chain resilience for critical minerals. With GreenRoc, we are backing a company with the potential to play a pivotal role in securing graphite supply chains and creating jobs in Greenland. We are pleased to provide financing for this initiative, and we are actively looking to increase our Greenlandic commitment further,” said Peder Lundquist.
About GreenRoc Strategic Materials Plc
GreenRoc Strategic Materials Plc is a British mining company working to develop the Amitsoq site in Greenland into a producing graphite mine. The goal is to supply graphite for battery production, particularly for electric vehicles in Europe and North America.
Amitsoq is one of the highest-grade graphite deposits in the world and the graphite is well suited to be processed into materials used in batteries. The project has received positive economic evaluations, and there are plans to build a facility for further processing of the graphite.
GreenRoc has entered into a partnership with the Norwegian battery manufacturer Morrow Batteries to establish a regional supply chain. The project has also been designated as strategic by the EU and has been ESG-certified via Digbee™ since March 2025, an independent platform for sustainability assessment in the mining industry.
