International news within the industry of mining and metal, Sep, 23 2018
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China and Canada seeking investment opportunities in Greenland

Global mining companies direct their focus on Greenland.  It is about zinc, lead, gold, and copper as well as uranium and oil. A river in Greenland. Photo: Creative Commons, credit: Taken
Global mining companies direct their focus on Greenland. It is about zinc, lead, gold, and copper as well as uranium and oil. A river in Greenland. Photo: Creative Commons, credit: Taken
Published by
Markku Björkman - 10 Jul 2018

Greenlanders want foreign investment to realize the dream of independence when they choose a new parliament, county council on Tuesday. The new government will be responsible for both uranium mining and the environment ahead of the gold rush facing Greenland with its mineral and energy resources.

All opinion polls show that a large majority of Greenlanders want to become independent from Denmark. But they want to keep the "Danish welfare".

Fishing and tourism, as well as the aging population, are not enough for economic independence. Denmark also finances a large part of the Greenlandic budget.

Following an agreement with the Danish government on permissible uranium exports, Greenland has become a new global player, where export agreements must be prepared by the Ministry of Foreign Affairs in Copenhagen.

Since Greenland 2013 abolished its previous ban on uranium degradation, the issue has become the biggest political issue for decades.

The new government must also decide to shift focus from Denmark and work for stronger economic and diplomatic relations with other countries like China.

Several countries from China to Canada seeking investment opportunities in Greenland are tense about how the current crisis can support their endeavors.

The election campaign is closest between the ruling Social Democratic Party Forward, Siumut, and the Socialist Party of the People's Community, Inuit Ataqatigiit, who has supported the government party.

Also the third largest party Democrats and the new party Nunatta Qitomai support mining.

The extraction of Greenland's huge resources on natural resources should turn upside down on the Greenlandic economy and on the world market.

Greenland has estimated assets of 50 billion barrels of oil and gas in the northwest and northeast which could finance independence.

International oil companies like Exxon Mobil, Chevron, and Scottish Cairn Energy have bought the right to drill for oil to start oil production at the earliest 10 years.

Kvanefjeld in southern Greenland is considered unique with the world's perhaps richest source of rare earth minerals and with the sixth largest occurrence of uranium.

This means that Greenland can challenge China, which is currently 95 percent of the world's resources of soil. These metals are of great importance to many green technologies like batteries for hybrid cars, wind turbines, and low energy lamps.

The outgoing government has already issued 56 licenses for the extraction of the minerals in the Kvanefjeld project. It is administered by Greenland Minerals and Energy Company.

Source: Svenska Yle