Important Takeaways:
- All of a sudden, everyone is talking about Greenland. Normally, Greenland is a place that is largely ignored by the rest of the world, but apparently Donald Trump is very serious about acquiring it…
- …the truth is that it all comes down to natural resources.
- In particular, Greenland has lots and lots of oil.
- According to Wikipedia, Greenland “has some of the world’s largest remaining oil resources”…
- Some geologists believe Greenland has some of the world’s largest remaining oil resources:[30] in 2001, the U.S. Geological Survey found that the waters off north-eastern Greenland (north and south of the Arctic Circle) could contain up to 110 billion barrels (17×109 m3) of oil,[31] and in 2010 the British petrochemical company Cairns Oil reported “the first firm indications” of commercially viable oil deposits.[3
- The U.S. consumes an average of approximately 20 million barrels of petroleum per day.
- So 110 billion barrels is a serious amount of oil
- In fact, one particular area of Greenland is “home to one of the world’s largest undeveloped deposits of rare-earth elements outside of China”…
- Kvanefjeld is home to one of the world’s largest undeveloped deposits of rare-earth elements outside of China. Seventeen elements, including scandium and yttrium, are buried deep underground there. They are used in everything from cell phones and wind turbines to electric cars. Mining advocates say tapping into them would be a major financial boon for Greenland.
- Greenland Minerals Limited (GML), the Australian company developing the mine, said that the country would receive $240 million (€201 million) in taxes and royalties annually over the mine’s planned 37-year lifespan. GML’s biggest stakeholder is Shenghe Resources Holding, a Chinese rare-earths processing company.
- It has been estimated that there are more than 38 million tons of rare earth deposits in Greenland.
- On top of everything else, an extremely important U.S. military base is already located in Greenland…
- Thule Air Base, already a vital U.S. military installation, provides early warning radar and monitors potential missile threats. Housing approximately 600 personnel, it plays a critical role in the U.S. missile defense network, covering threats across the northern hemisphere. Its strategic location enables unparalleled monitoring capabilities, reinforcing America’s defensive posture in the Arctic. Expanding this presence would fortify America’s Arctic strategy against rivals such as Russia and China, ensuring unparalleled leverage in the rapidly evolving Arctic theater.
- In the end, it will be up to the people of Greenland to decide their future.
- It is a land that has been dominated by Denmark for a very long time, but now it could soon be holding a referendum on independence…
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