News about Greenland

U.S. President Donald Trump, speaking at a Republican rally in Georgia on October 24 local time, said Denmark had given Greenland to the U.S. and that the U.S. now had both Greenland and Venezuela, calling them the biggest real estate deals in history. The article notes that no information has confirmed any transfer of either territory. A U.S.–Denmark memorandum signed on October 22 on maritime industrial cooperation expressly excludes Greenland and the Faroe Islands and does not change Greenland's legal status or Denmark's sovereignty over the island. On October 13, Trump also said large-scale oil, gas and mineral exploration in Greenland was about to begin, stressing the island's strategic value for U.S. and European security.

The US is set to begin large-scale oil, gas and mineral exploration in Greenland, yet Trump's statement did not mention rare earths, which a CSIS report identifies as the island's most coveted resource. Greenland ranks 8th globally in rare earth reserves, at about 1.5 million tonnes, and hosts two of the world's largest deposits, Kvanefjeld and Tanbreez. However, Greenland has banned exploration and mining of deposits with uranium above 100 ppm, which blocks Kvanefjeld (about 300 ppm), while Tanbreez is one of only two sites on the island licensed for official mining. Greenlandic officials have said that if Western partners do not bring investment, the island will choose other partners, including China.

Critical Metals (CRML) rose 4% to $6.80 in morning trading after President Donald Trump said large-scale oil, gas and mineral exploration is preparing to begin in Greenland, though he named no projects, operators or timetable. It is the only one of three closely followed U.S.-listed rare earth stocks with a project on the island, the Tanbreez project in southern Greenland, which the company says contains 19 critical elements and holds the only rare-earth exploitation permit there. Peers fell, with MP Materials down 2% to $41.71, USA Rare Earth down 3% to $10.95, and the VanEck Rare Earth and Strategic Metals ETF (REMX) down 1% to $56.96. The article notes Critical Metals is a development-stage company with no operating revenue and substantial going-concern doubt, and that the gain rests on a broad policy signal until a formal program names Tanbreez.