GreenX Metals Ltd on Wednesday said Greenland is endowed with an abundance of critical minerals essential for batteries, technologies and defence, although it posted an increased interim loss.

The minerals exploration company, developing the Arctic Rift copper project in the north of Greenland, said pretax loss widened to A$2.1 million in the six months to December 31 from A$2.0 million a year ago.

Pertinently, arbitration-related costs increased 22% to A$723,787 from A$594,802 a year prior.

GreenX highlighted that it was ‘well placed to capitalise on the increased interest in Greenland with two large scale, strategic projects prospective for critical minerals located in Greenland.’

It said that regarding the Arctic Rift copper project, further analysis on remote-sensing options was underway, which aims to improve understanding of the known copper mineralisation and to plan the next exploration programme at the project.

‘Greenland is endowed with an abundance of critical minerals which are essential for batteries, technology and defence,’ GreenX said.

Further, it noted the recent US strategic interest in the island.

GreenX shares were 1.2% lower at 43.00 pence each on Wednesday afternoon in London.

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