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this post was submitted on 24 Dec 2024
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Climate change and the melting of the Arctic ice has intensified interest in Greenland’s natural resources. The island could become the next mini.g frontier. For example, KoBold Metals -a joint venture partly backed by Jeff Bezos, Bill Gates, and Michael Bloomberg- and operated by Bluejay Mining in the UK, has been drlling there for critical minerals since 2022.
The outgoing U.S. administration under President Joe Biden has been offering advice to Greenland officials to draft a mining investment law for some time, all aimed at prodding investment in Greenland at standards considered higher than Chinese-linked rivals.
Or that of Australia. In 2023, Greenland Minerals -which is a 100-percent subsidiary of an Australian mining company- initiated arbitration proceedings against the Governments of Greenland and Denmark for the right to mine in Greenland. The Australian company seeks to gain the right to mine in Greenland or USD 11.5bn in compensation (the sum is almost four times Greenland’s annual GDP).
Access to the Arctic (maybe a similar playbook than China's pursuing with Russia?) may be a thing, too. Just a few weeks ago, for example, Greenland's capital Nuuk opened an International Airport, enabling larger plane landings in the country for the first time in their history.