Trump's Greenland ambitions fuel debate over rare minerals
Donald Trump sees Greenland as key to U.S. security, reports "The New York Times," citing its sources. According to "NYT," people close to Trump, including Howard Lutnick, are investing in mineral extraction on the island.
Donald Trump perceives Greenland as a strategic element of U.S. security, reports "NYT." According to the American media, the actions of the U.S. President may also have economic motives. Among Trump's associates are investors interested in the island's natural resources, including Howard Lutnick, who has invested in the exploitation of local minerals.
Trump's associate invests in Greenland
Howard Lutnick, nominated as Secretary of Commerce, has, through his firm Cantor Fitzgerald, invested in the company Critical Metals Corp. This company plans to start mining in Greenland in 2026. If Lutnick is confirmed for the position in the U.S. administration, he will resign as CEO of Cantor Fitzgerald and sell his shares.
As head of the Department of Commerce, Lutnick will oversee U.S. trade policy, which may include Greenland. His connections with investments on the island could influence policy decisions.
Recall that Greenland holds about 39.8 million tonnes of rare earth elements, constituting approximately 30 percent of the world's deposits of these resources. Currently, China accounts for 60 percent of the extraction of rare earth metals, and its processing share reaches 90 percent. China has begun using the export of selected resources as a pressure tool, announcing export restrictions on gallium, germanium, and graphite in 2023. As experts from the Polish Economic Institute indicated in their report, Donald Trump deemed Greenland "key to increasing the resource security of the United States."
The U.S. wants Greenland. The country resists
Significant deposits of other critical resources are also found in Greenland, including 13,300 tonnes of titanium and 12,700 tonnes of phosphorus, as well as noticeable amounts of niobium, tantalum, vanadium, graphite, and platinum group metals. These elements also appear on the lists of so-called critical and strategic resources of the European Union.
However, it is essential to remember that the idea of the U.S. acquiring Greenland sparked significant controversy. The local government responded to Trump that Greenland "does not want to be part of the United States," but is open to economic cooperation. Greenland's Prime Minister stated that his country "is not for sale."
