With its ice sheet slowly receding because of global warming, Greenland has become popular with mining companies seeking new stores of valuable minerals.
I foresee a lot of shattered dreams and lost investments as reality intrudes on tales of “global warming” and Greenland meltdown.
Beneath the thinning glaciers are lodes of uranium, zinc, iron ore, copper and gold, as well as the extremely important “rare earth” minerals. These latter minerals, including lanthanum, cerium, neodymium, praesodymium, terbium and yttrium, are vital to the production of everything from consumer electronics to military hardware.
Currently, China controls 97% of the market for rare earth minerals, and its attempts to raise prices on them have forced the U.S. and other countries to seek alternative supplies.
An Australian firm, Greenland Minerals and Energy, has already obtained licenses to conduct test mining on the island. The company estimates there could be at least 6.5 million tons of rare earth minerals underground, along with large quantities of uranium.