The outgoing administration of US President, Joe Biden is making a last-ditch push for mining companies and others to invest in Greenland.
This is one of many steps Biden and his staff are taking before President-elect Donald Trump takes office to shore up their legacy.
The investments are part of a move aimed at cementing Greenland’s critical minerals diplomacy and booting Western supply of materials for the energy transition.
Greenland contains a large deposit of most of the minerals considered critical by the US Geological Survey and Jose Fernandez, the State Department’s under secretary for economic growth, energy and the environment spent four days in Nuuk last week to meet with the Ministry of Foreign Affairs and Mineral Resource Authority.
“That was my attempt to provide to investors a glimpse of what opportunities exist in Greenland,” Fernandez told Reuters.
“Greenland wants to become the next mining frontier.”
The visit resulted in an eight-hour conference call from Nuuk moderated by Fernandez between Greenland officials and more than 70 Japanese, European and US mining companies and other potential investors.
Diplomats from Australia, the United Kingdom and the European Union, as well as the US Export-Import Bank and the European Investment Bank, joined the call, which focused on seven projects, including a rare earths project from Neo Performance, a nickel project from Anglo American and a molybdenum project from Greenland Resources.
Fernandez said while the US wants to get their critical minerals and use them in their economy, they don’t want to do it at the expense of Greenland.
This has resulted in the US State Department offering permitting, mapping and other regulatory advice to Nuuk officials, as well as drafting a mining investment law aimed at prodding investments in Greenland at standards considered higher than Chinese-linked rivals.
In his first term as president, Trump unsuccessfully attempted to buy Greenland from Denmark.
“I cannot forecast what the next administration will do, but the business case will not change,” Fernandez said.
“The demand for critical minerals worldwide is increasing exponentially.”
Other efforts by the Biden administration to shore their legacy include boosting aid to Ukraine and rushing to approve US mine permitting and financial incentives.
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