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Highlights
- Over 250 companies are eyeing Greenland’s critical raw materials.
- Amaroq Minerals (TSX-V: AMRQ), Critical Metals Corp (CSE: CMET), and Greenhand Resources lead in the competition.
- Greenland’s mining potential holds global interest, particularly with its rare earth metals and critical minerals.
The strategic significance of Greenland’s natural resources has never been more apparent, as over 250 companies now compete for dominance in what could be a transformative race to secure the world’s largest island. With more than 700 project licenses up for grabs, the contest has gained serious momentum, especially following remarks from incoming US President Donald Trump, who suggested that Washington should consider purchasing Greenland. American experts have highlighted that Greenland's rich deposits of critical metals, vital for technology and defense industries, could address key challenges facing the US.
Amaroq Minerals (TSX-V: AMRQ) is one of the major players in this race, with a portfolio that includes six projects, three of which focus on gold mining. Meanwhile, Critical Metals Corp (CSE: CMET) stands out with its Tanbreez rare earths project, while Greenhand Resources is advancing on a substantial molybdenum project. According to the European Commission, Greenland is home to 25 of the 34 raw materials considered critical by Brussels, making the island a hotspot for international attention and investment.
Interestingly, Australian involvement in Greenland has been more reserved, with some projects stalling due to government policies. One notable Australian entity, Energy Transition Minerals (ASX:ETM), has been navigating delays at its Kvanefjeld rare earth deposit. This project, containing 1.1 billion tonnes of rare earth elements, also includes uranium, the extraction of which has been banned by Greenland’s government since 2021. Despite this, Energy Transition is persisting and recently appointed former foreign minister Julie Bishop to aid in managing relations with the Greenland government.
Greenland’s diverse wealth of critical and non-critical metals has attracted attention globally. Among the numerous minerals found on the island are lithium, nickel, cobalt, tin, and rare earth elements such as tantalum and tungsten. However, legislative obstacles such as the uranium ban have impacted the pace of development.
The island’s rich mining history has seen previous attempts by the US to secure control, notably during World War II and in the mid-20th century with offers to Denmark. While President Trump’s recent suggestions may have drawn attention, Greenland's leadership, particularly Prime Minister Mette Frederiksen, has emphasized the desire for independence from Danish or US control, while still seeking close relations, especially on economic issues like mining and energy.
This heating up of Greenland's resource competition has set the stage for an intriguing battle over its mineral-rich future, making the island a key focus for investors and geopolitical interests alike.
