Reuters have the report that U.S. and Danish officials lobbied the developer of Greenland's largest rare earths deposit last year not to sell its project to Chinese-linked firms. Little wonder Trump is keen on getting more US control over the island.
Reuters report is here:
In brief:
Officials urged Tanbreez Mining, the developer of Greenland's largest rare earths deposit, not to sell to Chinese-linked firms due to strategic concerns over China’s dominance in rare earths.
Tanbreez was sold to U.S.-based Critical Metals for $5 million cash and $211 million in stock, far less than Chinese firms offered.
Rare earths are critical for high-tech industries, including defense and electric vehicles. The Tanbreez deposit contains eudialyte with about 30% heavy rare earths and gallium, which is vital for defense applications.
Tanbreez aims to mine 500,000 metric tons annually by 2026.
- Critical Metals has applied for U.S. Department of Defense funding to develop a rare earth processing facility.
- The company is in supply talks with defense contractors like Lockheed Martin, RTX, and Boeing.
Other Greenland Projects:
- Chinese-linked projects, like Energy Transition Minerals’ rare earth venture, face legal disputes.
- Other Western companies (e.g., Neo Performance Materials and Anglo American) are exploring opportunities in Greenland.
Geopolitical Context:
- Greenland is open to U.S. investments but rejects the notion of being "for sale."
- The U.S. has had more success in Greenland than in Africa in reducing China’s grip on critical minerals.
