Greenland holds the world’s second-largest reserves of rare earth elements (REEs) and uranium, surpassed only by China.

The majority of these reserves are located in southern Greenland, particularly at the Kvanefjeld deposit, also known as Kuannersuit.

Kvanefjeld contains approximately 19 million tons of rare earth oxides, with about 30% classified as heavy rare earth elements (HREEs), which are critical for high-tech and defense applications.

This deposit alone accounts for nearly 10% of global rare earth production capacity .

Beyond Kvanefjeld, other notable deposits include Kringlerne and Motzfeldt, situated in southern Greenland as well.

While these are confirmed to host significant rare earth concentrations, public estimates on total reserves are less precise than Kvanefjeld’s.

Geological surveys indicate that these sites contain abundant REEs, but quantified tonnage and grade estimates remain under detailed exploration and are somewhat proprietary or unpublished, which impedes full valuation transparency at present .

Extraction in Greenland is encumbered by several difficult factors.

The Arctic conditions bring logistical challenges associated with remote, cold, and harsh environments.

However, climate change and warming trends have slightly improved accessibility to once-inaccessible deposits .

Environmental concerns also weigh heavily due to the close association of rare earth minerals with radioactive materials such as uranium and thorium.

This linkage requires strict environmental, social, and governance (ESG) standards and comprehensive impact assessments to mitigate risks to local ecosystems and communities .

Greenland’s parliament imposed a ban on uranium mining and exploration in recent years, effectively stalling projects that involve uranium-bearing deposits.

This policy notably impacted the Kvanefjeld project, putting development on indefinite hold despite its vast resource potential.

Greenland Minerals, which partially belongs to Chinese investors, has been directly affected by this political decision .

This creates a clear distinction between projects paused due to regulatory and political factors and those advancing under current frameworks.

In contrast to Kvanefjeld, other projects like Tanbreez Mining’s license-approved rare earth mine are advancing.

Tanbreez holds a license to operate in Greenland and plans to initiate production as early as 2024.

This project claims access to over half of Greenland’s rare earth resources, potentially establishing a significant new supply source in the near term .

Investors should monitor the progress of Tanbreez closely, as production timelines and regulatory alignment will be crucial to assess feasibility and return potential.

Infrastructure constraints remain an operational challenge.

While hydroelectric power in southern Greenland offers a greener energy source for mining activities replacing fossil fuels, refining infrastructure for rare earth elements is scarce globally.

Currently, only Russia and China have comprehensive separation plants.

The United States and the European Union are planning new refining facilities to reduce reliance on foreign supply chains, which may enhance Greenland’s rare earth export potential if coupled with local mining developments .

On the geopolitical front, interest in Greenland’s rare earth minerals is growing among multiple strategic actors.

Chinese companies previously held stakes in Greenland’s mineral projects, but these have been restricted due to the uranium ban and geopolitics .

Meanwhile, the European Union has formalized cooperation with Greenland through a 2023 memorandum of understanding focused on sustainable raw material development.

This agreement aims to diversify European mineral supply chains away from China while promoting economic growth with high ESG standards .

The United States and Canada have also increased their engagement.

Canadian firm NEO Performance Materials holds exploration licenses in Greenland, intending to advance supply chain diversification initiatives.

Additionally, influential investors such as Jeff Bezos, Bill Gates, and Michael Bloomberg support ventures like Kobold Metals, aiming to explore and develop nickel and cobalt resources, signaling broader interest in Greenland’s mineral potential beyond rare earths .

In sum, Greenland presents a significant rare earth investment opportunity shaped by rich deposits, mainly concentrated in the south at Kvanefjeld, Kringlerne, and Motzfeldt.

While the total resource base is massive, project viability depends heavily on geopolitical decisions, environmental regulations, and infrastructure development.

Investors should distinguish between currently paused projects, such as Kvanefjeld, which face political and regulatory barriers linked to uranium mining bans, and potentially advancing projects like Tanbreez, which have imminent production targets.

The emerging support from the EU and North America for sustainable mining and refining further enhances Greenland’s strategic importance in the global rare earth landscape.

Continued monitoring of regulatory shifts, infrastructure progress, and geopolitical dynamics will be essential for making informed, actionable investment decisions in this evolving market.

Greenland holds the world’s second-largest reserves of rare earth elements (REEs) and uranium, surpassed only by China.

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Content: Greenland ban on uranium mining prevents Chinese companies from expanding rare earths
November 13, 2021 17: 33
Eastern Network Television
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As part of its Arctic strategy, China has supported the mining of rare earths in Greenland by Australia ’ s Greenland Minerals, a Chinese-owned subsidiary of Shenghe Resources, through the Belt and Road Initiative.
However, Greenland ’ s parliament passed a new law banning uranium mining and halting the development of rare earth deposits at Kuannersuit, the southern tip of Greenland.
China's rare earth mining accounts for more than 70% of the global mining volume, and China's rare earth magnetic processing volume accounts for 90% of the global processing volume.
Sungho Resources, one of the world ’ s largest producers of rare earth materials, acquired a 12.5% stake in Greenland Minerals in 2016, making it the largest shareholder in the latter.
Guanast in southern Greenland is home to the world ’ s second-largest reserves of rare earths and uranium after China, accounting for 10% of the world ’ s rare earth production.
Since former US President Donald Trump proposed the idea of buying Greenland in 2019, the rich rare earth resources of Guanaster in southern Greenland have attracted attention.
Greenland ’ s local parliament was elected early on April 6. In the end, the pro-environmental left-wing Inuit Ataqatigiit party won the election, and its leader, Mute Egede, became the new prime minister.
He declared that he would do everything in his power to stop the Guanast Rare Earth Mine project.
In response, Greenland ’ s parliament has passed a new bill aimed at banning exploration of uranium deposits, as well as other radioactive deposits such as thorium, and halting the development of rare earth deposits at the southern tip of Greenland.

What does Greenland's Tanbreez mine contain?

The majority of these reserves are located in southern Greenland, particularly at the Kvanefjeld deposit, also known as Kuannersuit.

Kvanefjeld contains approximately 19 million tons of rare earth oxides, with about 30% classified as heavy rare earth elements (HREEs), which are critical for high-tech and defense applications.

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Content: Greenland to mine rare earths in 2024 | Economic Horizontal | DW | 30.07.2023
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Greenland to mine rare earths in 2024
According to the German "Economic Weekly" reported that a mining company has obtained permission from the Greenland government to mine rare earths on the island.
The company said production could begin next year.
Tanbreez Mining, a mining company, plans to mine rare earths in Greenland next year, according to the Economic Weekly.
“We can start production next year, ” said Greg Barnes, a geologist and owner of the company. Greenland ’ s deputy minister for minerals confirmed to the journal that a mining licence had been issued.
Barnes said the Tanbreez mine "contains more than half of the world's rare earth resources" and has 19 million tons of rare earth oxides.
Of these, 30% are highly favored heavy rare earth elements.
Rare earth contains a total of 17 kinds of metal elements, the properties of each metal are different.
Each metal has a unique industrial value.
Some of them are irreplaceable.
They are used, for example, in the manufacture of electric vehicles or wind turbines.
Last year, about two-thirds of Germany ’ s rare earths came from China. Mining such as rare earths is difficult and often harmful to the environment, as rare earths are often associated with iron ore, and the chemical process of refining often requires the use of acidic substances.
What is Rare Earth?
Barnes, owner of Tanbreez Mining, told Economic Weekly that to start mining for rare earths in Greenland, a factory would be needed to separate rare earths from heterosexual rocks.
Currently there are only such factories in Russia and China.
But one such plant will be built in the United States in the coming months.
There are also plans to build a factory in Europe.
Thanks to technological advances, the equipment that separates rare earths currently costs only $40 million.
According to Barnes, China paid 1.7 billion U.S. dollars for the equipment 13 years ago.
In January, Swedish state-owned mining company LKAB announced the discovery of Europe ’ s largest rare earth deposit to date.
But the company said it would take 10-15 years for the rare earth mine, located in Kiruna in northern Sweden, to be available to the market.
EU Plans to Diversify Rare Earth Supply Chain
(Agence France-Presse, Economic Weekly)
© 2023 Deutsche Welle Copyright Notice: All content in this article is protected by copyright law and may not be used without special permission from Deutsche Welle.
Any misconduct will lead to recovery and criminal prosecution.
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This deposit alone accounts for nearly 10% of global rare earth production capacity .

What percentage does Kuannersuit in southern Greenland account for in global rare earth production?

Beyond Kvanefjeld, other notable deposits include Kringlerne and Motzfeldt, situated in southern Greenland as well.

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Content: People 's Network > > International
Large-scale rare earth mine found in Sweden threatens to ease EU ’ s rare earth shortage
January 19, 2023, 16: 34 | Source: Xinhua Network
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Xinhua News Agency, Beijing, January 19, (International observation) Sweden found large rare earth mines may be difficult to alleviate the "rare earth shortage" in the European Union.
Xinhua News Agency reporter Xie Binbin
Sweden's state-owned mining company Luosa-Kiruna Mountain has announced that it has discovered a rare earth deposit in the Kiruna region of northern Sweden, containing more than 1 million tons of rare earth oxides.
It is the largest known rare earth deposit in Europe.
Analysts believe that although this discovery will help the EU to ease the situation of highly dependent on imports of rare earths, the EU's "rare earth shortage" is unlikely to have significant changes in the short term.
“A long way from discovery to development. ”
Jan Mostrom, chief executive of Luosa-Kiruna Mountain, said recently that the scale of rare earths in Kiruna has yet to be determined.
The company plans to submit a mining concession application this year, and it is expected to take several years to explore the deposits and the conditions for sustainable mining.
Rare earth is known as "industrial vitamins" and is widely used in metallurgy, military, petrochemical, glass ceramics, agriculture and new materials.
But the EU relies almost entirely on imports for rare earths.
"There is a long way to go from discovery to real mining," Mostrom said.
"It will take at least 10 to 15 years to start mining the deposit and supply it to the market," he said.
Several rare earth deposits have previously been found in Europe, such as in Kwane Bay in Greenland and Norrachel in Sweden.
However, because these sites are located near the Arctic, the need for local environmental protection has led to the development of the project is not smooth.
Ross Embleton, a researcher at Wood Mackenzie Consulting in the United Kingdom, believes that unless the approval process is shortened, the newly discovered deposit will not have an impact on the global supply of rare earths in the short term.
New opportunities for the Swedish industry
European Commission President von der Leyen said that the EU ’ s demand for rare earths is expected to increase fivefold by 2030, and that rare earths and lithium will “soon be more important than oil and gas. ”
For Sweden, the discovery of rare earth minerals will help reshape its image as an EU mining powerhouse, giving it a bigger role in the EU ’ s green transition.
The website of the French newspaper Le Monde pointed out that in the past decade, metal prices have been depressed, and mining exploration activities in Sweden have decreased sharply, but there are signs of recovery in the recent past.
It is also reported that this spring, the European Commission will introduce measures to strengthen its own supply of key raw materials, which means that Sweden's rare earth project may receive EU support.
Short-term changes to the pattern.
The European Union has been trying to diversify the rare earth supply chain for several years.
After the escalation of the crisis in Ukraine, the EU is more eager to push forward the process, especially to seek to strengthen its own supply within the EU.
However, the rare earth industry chain involves a series of procedures such as mining and separation, and the rare earth mineral reserves alone are not enough, which is also an important reason for the EU to get rid of its import dependence.
Geologists from the Swedish Geological Survey pointed out that Europe currently lacks the comprehensive capacity to process rare earth metals and manufacture intermediate products. “We also need to focus on the entire industry chain of rare earth metals, such as rare earth permanent magnets for wind turbines or electric vehicle engines. ”
Analysts stressed that the European rare earth industry chain is incomplete, the lack of advanced technology, talent and other supporting resources required, which will lead to the production of rare earth products cost too high, lack of competitiveness, and thus lead to the lack of incentives for enterprises to invest in this industry.
Experts pointed out that because China has the advantages of technology patents and industrial scale in processing links such as refining, many European companies choose to cooperate with China to process and extract raw materials, which is more economical.
Argus Media, an international independent pricing agency involved in energy and commodity markets, believes that some companies are pushing for a supply chain for rare earth products in Europe, "but the road to production of rare earth products is very difficult and requires huge investment and political will."
(Edited by: Cui Dege, Xu Xiangli)
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While these are confirmed to host significant rare earth concentrations, public estimates on total reserves are less precise than Kvanefjeld’s.

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Content: Sweden's new rare-earth metal find likely big deal for Western consumers

Sweden has discovered what is billed as Europe's biggest deposit of rare earth minerals - a crucial component of electronics and clean energy technology - giving a significant boost to the continent's hunt for trade security.

LKAB, the Swedish state-owned mining company, announced Thursday that it found deposits of more than 1 million tonnes of rare earth metals in the country's far northern Lapland province.

Products ranging from smartphones to electric vehicles and even military jets require these rare earth elements, which are not currently mined in Europe, the company said. Much of the world's supply comes from China, which has used them as a geopolitical tool.

LKAB president Jan Mostrom said in a statement that the find could be a "significant building block" for Europe, which faces a "supply problem." But the company also said that it would take at least a decade before the rare earth minerals discovered hit the market.

READ MORE:
* GM reaches supply deals for electric vehicle motor magnets
* Why rare earths are a Five Eyes hot topic
* The race against China's 'rare earths weapon'
* Rare earth could be common in NZ

Here's what to know about this major discovery and what it means for Western consumers.

What are rare earth minerals and where are they found?

Rare earths are not actually that rare. They are a group of 17 chemical elements, composed of scandium, yttrium and lanthanides, according to the US Geological Survey.

But mining rare earth minerals is complex, as supply is not concentrated in one location. Mining them also affects the environment, since their ores can be laced with radioactive materials such as thorium and uranium. Refining the minerals can generate toxic and radioactive waste, which poses environmental and health risks if not properly disposed of.

China hosts the majority of the world's reserve of rare earth minerals and is the world's leading supplier. (The United States was the largest producer several decades ago.) While Brazil and Vietnam have significant reserves, they lag far behind in mining them.

Access to the minerals became an issue in the trade war with China during the administration of US President Donald Trump. Beijing threatened to cut off exports to the United States in 2019 to retaliate against Trump's measures, pushing prices up and prompting Trump to sign an executive order increasing domestic production. The Biden administration has also pushed for investments in that supply chain.

Other countries have also moved to reduce their reliance on China. Australia is spending millions to develop a rare earths mine and processing plant in its Northern Territory.

What are rare earth minerals used for?

Multiple household goods, including televisions, computers, smartphones and lighting use rare earth minerals. Yttrium and europium, for instance, light up iPhone displays and allow them to vibrate.

They are also key elements of US-made defence systems, including night-vision technology, jets and armoured-vehicle alloys.

Rare earth minerals are critical for the global clean energy transition, as they are components of the magnets used in electric vehicles and wind turbines - although recently some companies have developed motors for electric vehicles that do not require rare earths.

What does Sweden's discovery mean for the climate?

LKAB's find was welcomed in Europe, which has faced energy challenges amid the Russian invasion of Ukraine. The European Union also has a goal of becoming climate neutral by 2050.

In September, a senior EU official said Europe's climate ambitions were at risk without reliable supply chains. "Take China, with its quasi-monopoly on rare earths and permanent magnets and prices rising by 50-90% in the past year alone," wrote Thierry Breton, an EU commissioner. "Supply of raw materials has become a real geopolitical tool."

The European Raw Materials Alliance notes that while the European Union has a massive electric-motor manufacturing sector, "it is almost fully import dependent" when it comes to rare earth permanent magnets.

Swedish Deputy Prime Minister Ebba Busch said Thursday that Europe's independence from Russia and China would begin with this mine.

Political leadership in the continent, she said, "must give the industry the conditions to switch to green and fossil-free production."

The Washington Post

Geological surveys indicate that these sites contain abundant REEs, but quantified tonnage and grade estimates remain under detailed exploration and are somewhat proprietary or unpublished, which impedes full valuation transparency at present .

Extraction in Greenland is encumbered by several difficult factors.

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Warming Frontline / Rescue Greenland Ice Melting for Hydroelectric Power
In 1962, an American oil company ran a magazine ad with the headline: “We provide enough energy to melt 7 million metric tons of glaciers every day. ”
In response to climate shocks, Greenland categorically rejects oil and gas development.
In response to global warming, China and Russia jointly announced at the beginning of the year that they would develop Arctic routes as "polar silk roads"; in order to counter China and Russia, the United States announced the establishment of an "Arctic ambassador" for the first time in August this year.
Greenland ’ s rare minerals and metals also attract the world ’ s richest people.
Bill Gates and Bezos also invested in the development of Greenland ’ s nickel and cobalt – key elements for making electric car batteries – in order to create a “greener world, ” ignoring the permanent damage that mining has done to Greenland ’ s ecology.
The world is preoccupied with Greenland, but few people have asked their opinion.
Karina Serrano, a teacher at Nasak ’ s food school, said that even former US President Donald Trump has said that he wants to buy Greenland, but that Greenland belongs to the people and “will not be sold. ”
After 50 years of drilling by various countries, Greenland issued a blockbuster statement last July: “Stop issuing new oil and gas exploration licenses ” and“ Future belongs to renewable energy ”.
Kalista, Greenland's environment minister.
Lund said that it will use the melting of ice caused by warming to strengthen hydroelectric power, replacing fossil fuels, and the proportion of renewable energy power generation in the future can reach 90%.
Renewable energy accounts for 72% of Greenland ’ s electricity generation, and more than half relies on hydropower.
This achievement took 30 years; in addition to the fact that the climate and terrain are so traumatic, Pierre Vassard, director of Greenland Energy, revealed that “the permafrost layer defrosts with heating, and it is more difficult to locate power towers and power plants ”. Greenland is expected to achieve 100% renewable energy by 2030.
Sebastian Simonsen, a senior researcher at the Danish University of Science and Technology, said that Arctic melting could bring benefits, “not sure it ’ s a good change, but it ’ s always a decision to make. ”
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The Arctic conditions bring logistical challenges associated with remote, cold, and harsh environments.

However, climate change and warming trends have slightly improved accessibility to once-inaccessible deposits .

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Content: The government of Greenland, which is located in the Arctic, said on Monday it had revoked the license of a Chinese mining company to mine an iron ore deposit near the capital, Nuuk.
The move has dealt a blow to efforts by Chinese companies to gain a foothold in the resource-rich Arctic region.
China ’ s General Nice took control of the Isua mine in 2015, replacing bankrupt London Mining.
Junan became the first Chinese company to acquire mining rights in Greenland.
Greenland is an autonomous region of Denmark and is rich in minerals.
As a result of the warming climate, waterways have been opened, allowing the resources of the Arctic Island to be developed and utilized.
The Greenland government pointed out that the mine was idle and Junan did not pay the agreed guarantee and therefore withdrew its license.
Once Junan returns the license, Greenland will re-offer it to interested companies.
At present, the government of Greenland has asked Junan to return all the geological data, pay the remaining 1.5 million Danish kroner (about $226,000) of the deposit, and clean up the mine.
The London mine, which was granted mining rights in 2013, initially planned to employ 2,000 Chinese workers to mine, with a goal of supplying about 15 million tonnes of iron ore to China each year.
Greenland banned uranium mining this year, blocking mining in the Kuannersuit region, one of the world ’ s largest rare earth mines and partly owned by a Chinese company.
Junan tried to buy an abandoned naval base in Greenland from Denmark in 2016, but sources told Reuters at the time that the Danish authorities had rejected the proposal for security reasons.
# Greenland # Junan # Mining # China # Mining

Environmental concerns also weigh heavily due to the close association of rare earth minerals with radioactive materials such as uranium and thorium.

This linkage requires strict environmental, social, and governance (ESG) standards and comprehensive impact assessments to mitigate risks to local ecosystems and communities .

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EU and Greenland sign strategic partnership on raw material value chains
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The European Union has signed a memorandum of understanding with the Government of Greenland in Brussels to establish a strategic partnership to develop sustainable raw material value chains.
Greenland ’ s vast natural wealth is a key asset for reaping the benefits of global value chains, as it seeks to diversify its economy in a sustainable way, while 25 of the 34 critical raw materials identified by the Commission as strategically important for European industry and green transformation can be found in Greenland.
The Executive Vice President of the European Green Deal, Enterprise Relations and Foresight of the European Commission, Maros Sivčović, signed the Memorandum of Understanding with the Government of Greenland represented by the Minister of Business, Trade, Mineral Resources, Justice and Gender Equality, Naga Nathanelsen.
The signing of the MoU will contribute to the development of sustainable projects along the raw materials value chains and the deployment of the necessary infrastructure for their development.
The MoU provides for close cooperation between Greenland and the EU in five important areas; among which is the development of economic and industrial integration of the value chains of vital raw materials and other raw materials.
This includes networking, joint project development, creating and promoting new business models, attracting investments, supporting access to finance, facilitating business linkages, developing and integrating support for economic diversification and ensuring the smooth functioning and resilience of value chains.
Foster collaboration to leverage high environmental, social and international governance (ESG) standards, to ensure that Greenland ’ s mineral sector serves as a lever for sustainable and inclusive economic growth while creating local and local value.
This includes the sustainable exploitation of mineral resources in close dialogue with the Greenland community of individuals, organisations, institutions and other stakeholders, taking fully into account the unique nature of Greenland ’ s pristine lands and applying high environmental, social and governance standards set out in legislation, conventions, guidelines and best practices.
Deploy the infrastructure needed to develop raw material value chains.
This includes taking into account the specificities of Greenland's transport and energy infrastructure needs, taking into account Arctic or sub-Arctic conditions, and supporting the mobilization of funding for such infrastructure.
Capacity building and skills development along raw material value chains.
This includes developing skills at all levels in the raw materials industry and wider society.
Greenland is eligible to participate in the EU Framework Programme for Research and Innovation and provides Earth observation data thanks to the European Copernicus Satellite Programme which offers promising opportunities related to mineral exploration, sediment mapping and mining monitoring including waste management and environmental impact monitoring.
according to the statement.

Greenland’s parliament imposed a ban on uranium mining and exploration in recent years, effectively stalling projects that involve uranium-bearing deposits.

This policy notably impacted the Kvanefjeld project, putting development on indefinite hold despite its vast resource potential.

What has Greenland done to undermine Chinese efforts to establish a foothold in the Arctic region?

Greenland Minerals, which partially belongs to Chinese investors, has been directly affected by this political decision .

What countries are invested in Greenland Minerals corp?

This creates a clear distinction between projects paused due to regulatory and political factors and those advancing under current frameworks.

Title:

Content: AEX Gold aims to invest in Greenland through its new gold mining project

Traditionally known for its fishing and hunting industries, Greenland is fast becoming the next significant area of exploration for mining businesses. The largest island in the world, Greenland remains one of the least populated areas worldwide with 56,000 citizens, and it has sought to attract local and foreign investment across a number of new projects.

The island’s current position remains complex. A sovereign government, it is positioned under the Danish kingdom who provide grants to support its local economy. To further its independence and bolster its economy to create increased tax revenue, Greenland has embraced the exploration of new mining projects as well as utilising all the renewable and local resources it has to offer.

Rich in rare-earth minerals, gold, iron-ore, uranium, in addition to hydro and wind power, Greenland’s favourable legal framework and robust infrastructure, particularly in South Greenland, have factored into AEX Gold’s vision to explore through its Greenlandic subsidiary, Nalunaq Gold Mine, situated in the Nanortalik Gold belt, Southern Greenland.

Acquiring an existing Exploitation Licence in 2015, the company is at the advanced exploration stage of its Nalunaq property, including the previously operating Nalunaq Gold Mine.   It also holds Exploration Licences at the early exploration stage Vagar and Tartoq properties.

Hosting a high-grade NI 43-101 compliant gold resource estimate of 263k oz (inferred) at 18.7 g/t and a number of regional exploration targets, AEX Gold has undertaken three years of exploration at Nalunaq, developing an updated geological model and an extension of the main vein strike length up to 1km.

“The government is very supportive, so it's about having a sound exploration strategy. We are very much focused on that, as we have an asset package that we think we can grow and create a lot of value,” explains Chief Executive Officer, Eldur Olafsson.

Originating from Iceland, Olafsson has gained extensive experience of the local geography. Focusing on mining projects in Greenland since 2012, he has analysed the country’s potential against the backdrop of environmental responsibilities and associated legalities with partner SRK Exploration Services. Through this process, the business has turned its attentions solely towards gold exploration.

“The known gold deposits in Greenland are in an area where the climate is mild and, given our experience, logistics are relatively easy. Gold opportunities are easier to finance than larger base metals projects and our perception was that we could fully fund projects like these through our support here in Iceland and in the UK market,” he explains.

“We started looking for opportunities in the South Greenland Gold Province and became aware of this historically producing mine. We were attracted by the extremely high-grade potential of the resource and the fact that the project had significant infrastructure in place.  We believed there were significant opportunities to materially improve the mining operation that had been run by previous operators.”

Extensive exploration

Throughout the exploration of high-grade resources, Olafsson is proud to remain hands on and is regularly seen on site. By undertaking various technical studies, AEX has gained the ability to comprehensively analyse similar types of assets with potential.  After acquiring the Nalunaq project in 2015 the company has continued to expand its portfolio. Whilst Nalunaq encompasses the required licence to explore and recommence production at the old gold mine, they own the larger Vagar exploration licence, situated a few kilometres to the west of the mine, where AEX believes the ground is prospective for the discovery of further Nalunaq-type deposits.  In addition, they also own the early stage Tartoq Project to the North West of Nalunaq. Each licence area is at a different stage of exploration which supports AEX’s aim of having a continuous pipeline of projects being brought into production.

“We have a total of 690sqkm of licences in south Greenland and we're the only active listed gold company in Greenland. Previous operators undertook very little forward-looking exploration once the mine was in production.  It's a very under-explored region so we intend to recommence production within the next two years at Nalunaq in order to support our exploration in the larger licences in the next 5-10 years,” he says.

“Iceland is a short distance from Greenland, so logistically it’s good for us. Additionally, in Iceland you need to be really self-sufficient, and the same can be said for those in Greenland. We don't have as many people or the multitude of services that you would have in other countries which encourages you to think creatively,” he adds.

Consequently, the company has sought to maximise efficiency whilst keeping costs down, yet all the time adding increased value across its operations.

By acquiring a high-grade deposit, less material is needed to be broken down, lowering AEX Gold’s carbon footprint. Everything taken out of the mine from underground will be processed and shipped out to a different processing facility, or processed on site adhering to the current environmental guidelines. Historically, electricity has been generated through the use of traditional fossil fuels, something which is steadily changing throughout Greenland.

“We're using oil to put in generators or to power mobile mining equipment which is high cost both in monetary and environmental terms.   Greenland currently has five hydroelectric power plants and they are looking at building more in south Greenland,” says Olafsson.

Seeing huge opportunities, he explains that the use of hydropower and wind power would complement AEX Gold’s operations, not only in its existing exploration activities, but with the implementation of an electric mining fleet with electricity being obtained from local renewable resources.

Providing local opportunities

In the future, it will be essential for Greenland to gain further revenue to unlock opportunities and services for its citizens. This is something Olafsson believes that AEX Gold can help with due to its knowledge of Iceland as it has many similarities to Greenland and has been through a period of comparable change.

“Greenland is in a similar position to Iceland not so long ago. Iceland didn't have a high education rate and wasn’t wealthy compared to other European countries, with economic and cultural activities that were very insular. We are now at the highest level of all parameters in terms of education, wealth per family, etc. and this has stemmed from improving the breadth of schooling and creating opportunities for people to grow and develop outside of the traditional areas of agriculture and fisheries.

“Our aim is that the majority of employees will be Greenlandic, but it will take time. Greenland has a large number of people competing for jobs in the fisheries and tourist centres. It is important that Greenlanders are able to access programmes that will allow them to consider other career options. In Iceland we are importing a lot of people to work in different industries in our country because we don't have enough people. This might be the case for Greenlanders as well if the anticipated growth of the Mining Sector materialises but we want to ensure that, where possible, we use local people first before looking elsewhere.

“The Greenlandic Government provides good support for those who seek education.  There are an increasing number of Greenlandic students attending Danish Universities so that now, for example, we are seeing well qualified Greenlandic geologists available for employment.  There has been a Mining School at Sisimiut for the last 10 years which provides local qualified labour who can take advantage of opportunities in the Mining sector.  You need skilled labour and as we own a mine that was in production for 10 years previously, there is a fair bit of local knowledge that we have been able to use during our exploration work and which we are keen to utilise going forward,” he says.

“We are creating revenue for local communities, creating highly skilled jobs, and are providing benefits where local communities can live better lives and grow as individuals. We need to create opportunities for young people.”

Additionally, by working with local businesses as well as those who have been operating in Greenland for some time, AEX has made a conscious effort to hire companies which can support its growth. AEX have therefore acquired a longstanding relationship with Cartwright Drilling, due to the company’s extensive experience in Greenland and subsequent knowledge of the island’s government systems, processes and practices.

Planning to mine high-grade resources using significant infrastructure already in place, AEX Gold holds extensive licences managed by an experienced team. Previous operations produced between 50,000 to 100,000 ounces a year at 15.4 grams/ton produced and this has provided a benchmark for the company, who will utilise this cash flow to explore the wider region in the long-term.

“We have a five-year plan where we want to get into production at Nalunaq and use the cash generated to fund exploration in the wider district.   We envisage investing a significant amount in exploration assets to provide a portfolio of different deposits that we can bring into production. We are creating a company that has a long-term mission in Greenland to build up local know how to support our aim of ramping up to very profitable production across a number of projects,” notes Olafsson.

“It will create a dramatic effect on the local community and hopefully be a springboard for unlocking much larger potential in Greenland. There are plenty of deposits that have been found, but you have to be able to develop them. You can only do that that with support and cooperation from the local people who believe in your vision.”

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Eldur Olafsson

In contrast to Kvanefjeld, other projects like Tanbreez Mining’s license-approved rare earth mine are advancing.

What company has obtained permission to extract Greenland's rare earths?

Tanbreez holds a license to operate in Greenland and plans to initiate production as early as 2024.

What company has obtained permission to extract Greenland's rare earths?

This project claims access to over half of Greenland’s rare earth resources, potentially establishing a significant new supply source in the near term .

What does Greenland's Tanbreez mine contain?

Investors should monitor the progress of Tanbreez closely, as production timelines and regulatory alignment will be crucial to assess feasibility and return potential.

Infrastructure constraints remain an operational challenge.

While hydroelectric power in southern Greenland offers a greener energy source for mining activities replacing fossil fuels, refining infrastructure for rare earth elements is scarce globally.

Currently, only Russia and China have comprehensive separation plants.

The United States and the European Union are planning new refining facilities to reduce reliance on foreign supply chains, which may enhance Greenland’s rare earth export potential if coupled with local mining developments .

On the geopolitical front, interest in Greenland’s rare earth minerals is growing among multiple strategic actors.

Chinese companies previously held stakes in Greenland’s mineral projects, but these have been restricted due to the uranium ban and geopolitics .

Meanwhile, the European Union has formalized cooperation with Greenland through a 2023 memorandum of understanding focused on sustainable raw material development.

This agreement aims to diversify European mineral supply chains away from China while promoting economic growth with high ESG standards .

The United States and Canada have also increased their engagement.

Title:

Content: Democracy Dies in Darkness

Sweden’s new rare-earth metal find likely big deal for Western consumers

Sweden has discovered what is billed as Europe’s biggest deposit of rare earth minerals — a crucial component for electronics and clean energy needs — giving a significant boost to the continent’s hunt for trade security.

LKAB, the Swedish state-owned mining company, announced Thursday that it found deposits of more than 1 million tons of rare earth metals in the country’s far northern Lapland province.

Products ranging from smartphones to electric vehicles and even military jets require these rare earth elements which are not currently mined in Europe, the company said. Much of the world’s supply comes from China, which has used them as a geopolitical tool.

LKAB President Jan Mostrom said in a statement that the find could be a “significant building block” for Europe, which faces a “supply problem.” But the company also said that it would take at least a decade before rare earth minerals from the find hit market.

Here’s what to know about this major discovery and what it means for Western consumers.

What are rare earth minerals and where are they found?

Rare earths are not actually that rare. They are a group of 17 chemical elements, composed of scandium, yttrium and lanthanides, according to the U.S. Geological Survey.

But mining rare earth minerals is complex, as supply is not concentrated in one location. Mining them also impacts the environment, since their ores can be laced with radioactive materials such as thorium and uranium. Refining the minerals can also generate toxic and radioactive waste, which poses environmental and health risks if not properly disposed of.

China hosts a majority of the world’s reserve of rare earth minerals and is the world’s leading supplier of the product. (The United States was the largest producer several decades ago.) While Brazil and Vietnam have significant reserves, they lag far behind in mining it.

China hints it will choke off U.S. ‘rare earths’ access. But it’s not that easy.

Access to the minerals became an issue during the Trump administration’s trade war with China. Beijing threatened to cut off exports to the United States in 2019 to retaliate against Trump’s measures, pushing prices up, prompting Trump to sign an executive order increasing domestic production. The Biden administration has also pushed for investments in that supply chain.

Other countries have also moved to reduce their reliance on China. Australia is spending millions to develop a rare earths mine and processing plant in its Northern Territory.

What are rare earth minerals used for?

Multiple household goods, including televisions, computers, smartphones, and lighting use rare earth minerals. Yttrium and europium, for instance, light up iPhone displays and allow them to vibrate.

They are also key elements of U.S.-made defense systems, including night vision technology, jets and armored vehicle alloys.

Rare earth minerals are critical for the global clean energy transition, as they are components of the magnets used in electric vehicles and wind turbines. Though recently, some companies have developed motors for electric vehicles that do not require rare earths.

What does Sweden’s discovery mean for the climate?

LKAB’s find was welcomed in Europe, which has faced energy challenges amid the Russian invasion of Ukraine. The European Union also has a goal of becoming climate neutral by 2050.

In September, a senior E.U. official said that Europe’s climate ambitions were at risk without reliable supply chains. “Take China, with its quasi-monopoly on rare earths and permanent magnets and prices rising by 50-90% in the past year alone,” wrote Thierry Breton, an E.U. commissioner. “Supply of raw materials has become a real geopolitical tool.”

The European Raw Material Alliance notes that while the European Union has a massive electric-motor manufacturing sector, “it is almost fully import dependent” when it came to rare earth permanent magnets.

Swedish Deputy Prime Minister Ebba Busch said Thursday that Europe’s independence from Russia and China will begin with this mine.

Political leadership in the continent, she said, “must give the industry the conditions to switch to green and fossil-free production.”

Canadian firm NEO Performance Materials holds exploration licenses in Greenland, intending to advance supply chain diversification initiatives.

Title:

Content: A Canadian company has been granted a license to mine rare metals in Greenland.
© AP Photo / David Goldman Greenland ice melt August 3, 2017
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Toronto ’ s New Performance Materials, one of the few rare earth metal processors outside China, has obtained an exploration license in Greenland from Hudson Resources in Vancouver (Canada).
Washington - Sputnik.
“Through a special-purpose entity, NEO plans to explore and develop the Surfertog project to further diversify its global sources of rare earth ore and expand the supply chains that feed the company ’ s rare earth ore separation facility in Estonia, ” it said in a statement.
NEO CEO Constantine Karianopoulos told the New York Times that his goal was to reduce the company ’ s exposure to volatile global crude prices.
NEO buys semi-processed raw materials from Russia, the United States and Australia.
"Collects Rare Minerals"...
China enters the world of "space mining" with the launch of the first robot...
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The Surftog Carbonatite complex contains mineral deposits rich in neodymium and praseodymium, which are essential components of the rare earth permanent magnet used in electric vehicles, wind turbines, high-efficiency electric motors and pumps that help reduce greenhouse gas emissions.
NEO also plans to build a new permanent magnet manufacturing plant in Estonia to supply European manufacturers of electric and hybrid vehicles, wind turbines, and energy-efficient electric motors and pumps, the statement said.
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What Canadian rare earths processing company obtained an exploration permit in Greenland?

Additionally, influential investors such as Jeff Bezos, Bill Gates, and Michael Bloomberg support ventures like Kobold Metals, aiming to explore and develop nickel and cobalt resources, signaling broader interest in Greenland’s mineral potential beyond rare earths .

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Content: Advertisement
Economics.
A race between financiers around the world to search for this substance in Greenland.
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10-08-2022 | 00: 49
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CNN reports that some of the world ’ s wealthiest people are funding large treasure hunts using helicopters and signal transmitters on Greenland ’ s west coast.
The climate crisis is causing Greenland ’ s ice to melt at unprecedented rates, ironically creating an opportunity for investors and mining companies looking for a treasure trove of important minerals capable of powering clean energy transitions.
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Search for minerals in Greenland
Many billionaires, including Jeff Bezos, Michael Bloomberg and Bill Gates, are betting that what lies beneath the surface of the hills and valleys of Disco Island and Greenland ’ s Noswak Peninsula are important enough minerals to power millions of electric vehicles.
Speaking to CNN, Kobold Metals CEO Kurt House said: “We are looking for a deposition that will be the largest or second largest nickel and cobalt deposition in the world. ”
The disappearance of Arctic ice – both on land and in the ocean – highlights a unique dichotomy: Greenland is the zero point for the effects of climate change, but it could also be the zero point for the search for the minerals needed to provide solutions to this crisis.
For their part, representatives of Kobold Metals, a California-based mineral exploration company, said the billionaires ’ club is supporting the company financially.
Bezos, Gates and Bloomberg did not respond to requests from CNN for comment on the news, and Kobold Metals is partnering with Bluejay Mining to find precious and rare metals in Greenland, which are essential for building the electric vehicles and huge batteries needed to store renewable energy.
The Geological Survey of Denmark and Greenland said Greenland could be a hot spot for coal, copper, gold, rare earth elements and zinc.
The Greenland government has conducted several assessments on ice-free land and is aware of the country ’ s “ability to diversify the national economy through mineral extraction, ” the agency said.
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In sum, Greenland presents a significant rare earth investment opportunity shaped by rich deposits, mainly concentrated in the south at Kvanefjeld, Kringlerne, and Motzfeldt.

While the total resource base is massive, project viability depends heavily on geopolitical decisions, environmental regulations, and infrastructure development.

Title:

Content: Greenland’s Melting Glaciers Spew a Complicated Treasure: Sand

Meltwater from the island’s ice sheet is loaded with the right kind of sand for concrete production—which further warms the planet.

Sand is both abundant and rare. Earth has vast deserts of the stuff, of course, but not the kind that’s in such high demand that sand mafias are killing for it. That special variety is a critical component of the concrete used in buildings and infrastructure, the production of which has skyrocketed exponentially over the last few decades. That has come at a significant climate cost: The industry now accounts for 8 percent of global carbon emissions.

Sand is also at the center of a strange climate story. Climate change is destroying Greenland’s ice sheet, producing an extraordinary amount of meltwater. (Even if we somehow totally stopped emissions today, Greenland’s melting could still contribute nearly a foot of sea-level rise.) And in a twist of fate, that meltwater is loaded with the right kind of sand for concrete production, which causes more warming and more melting. Great plumes of glacial sediment are swirling along the coast, actually adding land along the edges of the island. Even though Greenland is only three times the size of Texas, its ice sheet is the source of 8 percent of suspended river sediments flowing into the oceans.

The country now has to figure out whether exploiting that valuable, abundant resource on a wider scale would be environmentally, socially, and economically tenable. “It is quite controversial—we're saying Greenland can benefit from climate change,” says Mette Bendixen, a geographer at McGill University in Canada, who’s studying the idea. “Contrary to most of the other parts of the Arctic coast, Greenland is not eroding. It's in fact growing bigger, because the ice sheet is melting. So you can think of the ice sheet as a tap that pours out not only water, but also all the sediment.”

That sediment is special, indeed. Desert sand from, say, the Sahara is no good for making concrete because it’s too rounded and uniform. Over millennia, winds push those grains around, polishing them. If you make concrete out of such sand, “it's almost like building with marbles,” says Bendixen. “You want particles that are more angular in shape, not rounded. And that type of material is exactly what you get from rivers, for example, or material that has been deposited by glaciers.”

As Greenland’s ice sheet—which covers 700,000 square miles and is up to 10,000 feet thick—rubs against the land, it grinds up sediment, including sand, fine silt, and larger chunks of gravel. And as the ice melts, torrents of water carry all that debris to the sea, while the pounding of the rivers themselves further erodes the landscape. Compared to the thousands of years that sand spends rolling around the Sahara and becoming rounded, the particles coming off Greenland are fresher. They’re more angular and more diversely shaped. Instead of acting like marbles, they fit together like pieces of a jigsaw puzzle, which is good for concrete.

Greenland already harvests its sand for local, small-scale concrete production, since importing sand would be prohibitively expensive. This is limited to domestic companies, who have to win non-exclusive permits after passing environmental review by the government’s scientific advisers. They can also apply to export the sand, but that requires additional licensing. “We are basically also open for sand extraction aiming at export, but then it will be treated like any other mining activity,” says Kim Zinck-Jørgensen, of the Greenland government’s Mineral Licence and Safety Authority. “And for that you'll have a much greater setup with regulations and also environmental impact assessments, social impact assessments.”

Currently, dredging boats suck up sediment along the coast and filter out the sand, which is then brought back onshore. But if Greenland decides to scale up sand extraction for export, that would mean big ships would have to haul the stuff away to international ports. “It's important to stress that if you extract whatever natural resource, there will be environmental consequences,” says Bendixen. “But really, here the environmental consequences can be super broad.”

For one, those big ships will also be bringing in ballast, or the water they’ve collected from elsewhere and stored in their hulls for balance. If that ballast is released off the coast of Greenland, it may introduce invasive species. And, of course, dredging coastal sediments would further endanger underwater native creatures—and on land, increased mining operations might scare away the game that Inuit hunters rely on. (Greenland’s population is about 90 percent indigenous Inuit. The Greenland branch of the Inuit Circumpolar Council, an NGO representing Inuit peoples, declined to comment for this story.)

Interestingly, though, last month Bendixen and her colleagues published a survey of Greenlanders about their opinions on sand extraction. They found that 84 percent of adult residents are in favor of it, and three-quarters want it to be a national project. “It turns out that the vast majority of Greenlanders think that it should be primarily a Greenlandic enterprise,” says Rasmus Leander Nielsen, a political scientist at the University of Greenland, who did the survey with Bendixen. “Maybe you could have some smaller-scale, Greenlandic-led companies that could start off. And then eventually, when the business case is more favorable, then we could go into a larger export.”

About that business case: While the global demand for sand has gone wild, the economics of exported Greenland sand aren’t yet clear. A company would have to pay to run the local operations and foot the shipping costs to get the resource off the island. Those will be considerable, since sand is heavy and takes up a lot of room in a ship.

The Greenland government recently worked with a consultancy that did an assessment, finding that exporting the sand to Europe isn’t economically feasible at the moment. “Whether it's feasible to export it further on to the Middle East, I don't know,” says Thomas Lauridsen, chief adviser to Greenland’s Ministry of Mineral Resources and Justice. “But we will then be in competition with European companies that will dredge sand in Europe or closer to the customer.”

Lauridsen adds that it’s up to the private sector to determine whether selling Greenland’s sand is cost-effective or not. And that export cost calculus may change in the future. “By 2100, the demand for sand is going to rise 300 percent, and the price 400 percent,” says Bendixen. “So we don't have to look that much farther into the future to start seeing a different calculation here in terms of whether it's worthwhile.”

Yes, a world with more sand harvesting for making more concrete would also mean more carbon emissions, more warming, and more melting of Greenland’s ice sheet. But, Bendixen says, all that glacial sand need not go exclusively toward concrete. Coastal communities are increasingly clamoring for sand to hold back rising seas, a fortification known as beach nourishment. “Just think of the irony in using the sand for beach nourishment to mitigate sea-level rise,” says Bendixen, “which is caused by—to a large extent—the melting of the Greenland ice sheet!”

Investors should distinguish between currently paused projects, such as Kvanefjeld, which face political and regulatory barriers linked to uranium mining bans, and potentially advancing projects like Tanbreez, which have imminent production targets.

The emerging support from the EU and North America for sustainable mining and refining further enhances Greenland’s strategic importance in the global rare earth landscape.

Continued monitoring of regulatory shifts, infrastructure progress, and geopolitical dynamics will be essential for making informed, actionable investment decisions in this evolving market.