Inside the race for metal wealth in Greenland

President Donald Trump said he believed the United States will get control of Greenland, confirming a demand on the Arctic Island that he had repeated several times recently, once “Economic Security” as a reason. Although the independent Danish region is rapidly saying it is not for sale, its wide and unused metal resources are often required.

Coarse gray peaks suddenly appear in front of us, as the fiery boat moves in volatile coastal waters and dramatic harassment at the southern Edrand side.

“These very high pointed mountains, they are basically a golden belt,” notes Earoq Mineals.

After sailing for two hours, we skipped the beach in Wadi Far below Nalunaq Mountain, where the company digs gold.

It also wanders in the surrounding mountains and valleys, where he searches for other valuable minerals, after cutting exploration licenses that extend to more than 10,000 square kilometers (3861 square miles).

“We are looking for copper, nickel and rare land,” the Icelandic president says. “This is not specified, and he still has the ability to have multiple large deposits.”

The Base Camp is a group of mobile buildings and bright orange residence tents that include more than 100 employees, including Greenlanders, Australians and BITISH COAL MINERS. From there, the road climbs on the valley, and we travel by car to the gold mine, in the wake of a dark tunnel upward inside the mountain.

“Look here!” Mr. Olafsson says a seam of white quartz and a thin dark line. “Gold, gold, gold. Along the way. Isn't this unusual?”

The mine, which Amaroq in 2015 was working for most of the previous decade, but was closed due to low gold prices and high operating costs.

Amaroq is confident that the mine will now be profitable. It plans to increase production this year, as it built a completely new processing factory for crushing crude and refining the precious metal into golden bars.

“We can either go out of the site every month with a gold bag, compared to a 30,000 -tons ship (carrying raw),” explains Mr. Olafunon.

Greenland says an unparalleled opportunity because its huge metal reserves did not affect largely.

“The supplier can be all the minerals that the Western world will need for decades,” added Mr. Olvonon. “This is a very unique position.”

However, there are currently only two active mines on the entire island.

Greenland is a self -government area and is part of Denmark, but it controls its natural resources.

It is talented in the eighth largest reserves of the so -called rare Earth elements, which are vital to making everything from mobile phones to batteries and electric motors. It also has large amounts of other major minerals, such as lithium and cobalt.

There is also oil and gas, but the new drilling was banned, while mining was excluded in the depths of the seas.

“The global geopolitical situation at the present time is paying attention to the largest island in the world,” says Christian Kidesen, director of the Business Association in Greenland.

It indicates that China has the largest reserves in the world of rare ground minerals, while the West wants to secure alternative supplies.

“You have a very strong China, you are sitting strongly on critical raw materials,” he says.

This increased focus between Western countries was fed to reach Greenland's minerals. China was also keen to participate, but its presence is limited.

Reuters I mentioned recently The United States is pressing an Australian mining company not to sell the largest rare land project in Greenland for potential Chinese buyers.

The Minister of Business at Greenland, Trade and Raw materials, Nathanilsen, said that interest in the region's minerals “has increased completely over the past five years or so.”

“We are used to be a hot point for the climate crisis. We want to be part of the solution,” she added.

Permities are now provided for 100 blocks via Greenland, where companies are looking for viable deposits. British, Canadian and Australian mining companies are the largest foreign license holders, while Americans have only one.

But there are many steps before these sites become possible mines.

However, while Greenland may sit on metal wealth, any “golden rush” is still slow to achieve.

The economy, which is still up to the annual gross domestic product, is still more than $ 3 billion (2.4 billion pounds), driven by the public sector and fishing. The region also depends on annual support of $ 600 million from Denmark.

Greenland's politicians hope to reduce mining revenues from relying on annual support of $ 600 million in Denmark, and helps increase independence efforts. But in the meantime, Greenland makes more money from tourism.

Javier Arnot, head of social sciences at the Arctic at the University of Greenland, says official mining is still important for independence. “But practically, you can see that there are very few mining licenses granted.”

Mrs. Nathanelsen admitted that although there are partnerships that are developed with the United States and the European Union, “we still have not seen large sums of money flowing into this sector.” It hopes that there will be three to five other mines operating during the next decade.

However, mining is not easy in Greenland due to its remote geography and weather. It is the largest island in the world and 80 % of them are covered with an ice layer. It has rugged mountains and there are no roads between settlements.

“It is terrain in the Arctic,” says Jacob Kiding, of the geological survey of Denmark and Greenland, who determined the deposits of the region. “We have problems with harsh conditions in terms of climate and limited infrastructure. So it is very charged with opening a mine.”

These high costs, along with low global metal prices, have hindered investors.

Others blame the red tape of the slow growth of the sector. The region has strict environmental regulations and social influence requirements, and it may take time permits.

Mrs. Nathanelsen confirms that most societies support mining, and that they enhance local economies. “They (miners abroad) are shopping in the local store. They are employing local employees. They rent a local boat or a helicopter,” she says.

However, in the largest city in the south, Qaqortoq, the resident of Heidi Mortensen Mcesler is skeptical of whether the new mines will lead to work for the local population. “When they say they will add jobs, who are talking?”

Jeis Pereschason, president of the Local Labor Union, Sick, says many people believe that mining income “will leave the country”, and does not benefit Greenland. But it supports the sector's growth. “Greenland needs more income and earning money from ways other than hunting.”

It is not clear how Trump's latest maneuver in Greenland will play. “We need to do business with the United States” and that it is “open doors in terms of mining.”

Mr. KJELDSEN from the Business Association hopes to bring “investment that affects the need” to the sector. “On the other hand, if the uncertainty surrounding the signs of Trump lasts for a longer period, there is a risk that this may affect the investment environment negatively.”