Greenland has always been a fascinating place – at the top of the world, remote and mysterious.
But it has now become the centre of a global race for rare earth minerals.
US President Donald Trump wants Greenland so badly he’s offered to buy it or threatened to simply take it.
But, in pole position to reap the rewards of this resource rich territory is Australian mining company Energy Transition Minerals (ETM), which claims it has uncovered the world’s largest rare earths deposit.
There’s a crucial problem though – Greenland isn’t up for sale and nor does it want to be mined.
Until recently, many people barely knew where Greenland was – now it’s at the centre of a new type of gold rush (Nine)
From its majestic icebergs to its colourful villages, Greenland is undeniably breathtaking.
But, its true value could come from beneath the surface of this ancient land, from its treasure trove of untapped rare earth minerals.
The minerals are used in everything from electric cars to mobile phones, missiles, fighter jets and satellites.
Nearly 20 years ago, ETM saw value where no one else did, securing the rights to explore the enormous wealth buried in the mountains above Narsaq in southern Greenland.
Since then, it has discovered billions of dollars worth of critical rare earth minerals and more than a billion tonnes of this new “gold”.
What’s even more incredible is that ETM has only tested one fifth of the entire deposit.
The only way to get to those minerals is to mine them – and ETM has proposed an open cut mine after spending $150 million to pinpoint the extraordinary extent of the reserves.
Australian mining chairman Simon Kidston, who is part of the team that runs ETM, told 60 Minutes the proposed mine would have massive ramifications on the global market.
Currently, the West is forced to rely almost solely on China, which has worked hard to gain control of the world’s rare earth supplies.
“That presents a rare opportunity to be a significant player, a non-Chinese player feeding the Western market and decoupling the reliance the West currently has to Chinese industry,” he told 60 Minutes.
Simon Kidston and Daniel Mamadou of ETM say the proposed mine in Greenland would be incredibly significant on a global scale. (Nine)
It’s a view Trump shares. In March, the US president made headlines discussing Greenland, a territory of Denmark, like a coveted child’s toy.
“We need Greenland very importantly for International security,” he said at the time.
“We have to have Greenland. It’s not a question of do you think we can do without it? We can’t.”
China’s stranglehold on the world’s essential rare earth mineral stockpile was weaponised recently in response to Trump’s sweeping tariffs, with China cutting off supplies to the US and parts of Europe with immediate and shocking impact.
Car factories closed down. People lost their jobs.
According to Simon Kidston and ETM CEO Daniel Mamadou, that’s where Australia can step in. They say their enormous reserves in Greenland could break the monopoly China wields.
To overturn China’s grip on the market, not only do they want to mine the minerals, they also plan to process them on the Greenland site.
But as is the case with almost every rare earth operation in the world today, China owns shares in the Australian company – nearly 9 per cent, making it the company’s biggest single shareholder.
Despite this, Mamadou says ETM will not become a mere supplier of rare earths to China, adding to its monopoly status. He is determined ETM will process what it mines.
“We will not be coaxed into having to send this product to China,” Mamadou told 60 Minutes.
Donald Trump has been outspoken in his desire for Greenland. (Nine)
Unlike the start of the year, for the past couple of months Trump has gone relatively quiet on Greenland but that doesn’t mean he’s lost interest.
Insiders believe his bare-chested rhetoric has been replaced by boardroom negotiations – that the president will ultimately get what he wants.
And it’s more than Greenland’s mineral mountains generating his interest. Its waterways make the island a vital strategic player, located as it is within oceans that are a gateway for naval vessels and nuclear submarines from Russia and China.
All that lies between China, Russia and North America is Greenland.
Though it’s considered unlikely he’ll follow through, Trump has refused to rule out military action against the Danish outpost to ensure security in the sensitive region.
While Greenland is a self-governing, semi-autonomous territory of Denmark, Copenhagen retains control of its foreign affairs, and security. And that has many Greenlanders fighting for full independence.
Trump’s fear is if that independence is won Greenland will be made even more vulnerable to interests from Russia and China.
Politician Mariane Paviasen is among the Greenlandic locals opposed to ETM’s mining proposal and helped write legislation banning it. (Nine)
But for many locals the fight is much closer to home. While Kidston and Mamadou say the mine would provide immense economic benefits to the territory, many are vehemently opposed to it.
Among them is politician Mariane Paviasen, who told 60 Minutes the environmental impacts on the surrounding area would be far too great.
“The town will die. That’s my fear,” she said.
On the other end of the spectrum, Qupanuk Olsen is also a politician but she has a completely different view on mining.
As former head of mining and technical inspections she had privileged access to the Australian open cut mine proposal – reviewing its environmental impact statement.
“Regarding the technical aspects, I’m not worried for any environmental disasters or anything,” she told 60 Minutes.
“I strongly believe the huge majority of the population in South Greenland is worried because they have so little knowledge about mining activities because the mining industry is not a part of our culture.”
Despite the concerns of locals, ETM’s Kidston and Mamadou claim there would be no environmental impact on the town of Narsaq.
“We will develop this to the highest standards, meaning not just Australian standards, but European and Greenlandic standard,” Simon told 60 Minutes.
“We are determined, we’re excited by the opportunity and we’re funded to stay the course.”
Watch the full episode of 60 Minutes on 9Now.