Greenland will seek investments in its minerals from any country, including China, if the EU and the United States continue to hesitate about investing in the Arctic island’s rare earth and minerals sector, Greenland’s Business and Mineral Resources Minister, Naaja Nathanielsen, told the Financial Times in an interview published on Tuesday.
Greenland, an autonomous territory of EU member state Denmark, has made headlines in recent months with the threats of U.S. President Donald Trump to take control of or buy the island.
Greenland has mineral resources, but they haven’t been extensively developed.
The territory is now looking for U.S. and EU investors, but it could look elsewhere if there aren’t willing partners, Minister Nathanielsen said.
“We sort of hoped that the Trump administration would be more willing to engage in dialogue with Greenland about the mineral sector development. We got a bit more than we asked for, because we have no wish to be American,” Nathanielsen added.
Last week, Greenland granted an exploitation license to Greenland Anorthosite Mining A/S, a company majority held by France’s Jean Boulle Group.
Greenland Anorthosite Mining (GAM) was granted a 30-year exploitation license for anorthosite mining in West Greenland.
“Our team has been exploring Greenland extensively for many years and has made a number of mineral discoveries,” Jean-Raymond Boulle II said in a statement.
Anorthosite is a white rock composed mainly of aluminum, micro silica, and calcium, and is used in fiberglass production. The aluminum from anorthosite would be a lower-emission product than the aluminum made with traditional methods.
Greenland hopes the anorthosite mining project will be operational in five years, Minister Nathanielsen told Reuters last week.
Commenting on the U.S. interests in Greenland, Nathanielsen told Reuters, “Right now, all the fuss has not resulted in increased appetite for investment directly in Greenland.”
The minister admitted that a Chinese interest and potential investment in Greenland could be problematic, and that the EU is “good fit” for Greenland.
By Tsvetana Paraskova for Oilprice.com
