Greenland Minerals and Energy Limited (ASX: GGG) has seen its share price jump 20% to trade at 12 cents per share, after the miner reported it had reached agreement on many areas of its Kvanefjeld rare earths Project in Greenland.
That’s good news, with rare earths prices reportedly increasing steadily thanks to reforms to the industry in China, including a crackdown on illegal production. Rare earths prices are also increasing thanks to their use in the renewable energy sector and electrification of transport systems – in other words – electric cars.
Greenland Minerals also reports that demand for rare earths has returned. That should also bode well for fellow rare earths explorers, miners and producers including Lynas Corporation Limited (ASX: LYC) and Alkane Resources Limited (ASX: ALK). While the Lynas share price is sinking today, Alkane’s share price has also surged higher, adding 17% to 30.5 cents.
It’s still early days for Greenland Energy though, and investors are likely to face a long wait to see the company generate revenues and a profit. That’s not what I call investing – it’s speculating. Below might be some better ideas for investors looking for less-risky shares for their portfolios.
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The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.