“Rare earth” elements are metals that figure prominently in “green energy” technologies because of their use in electronics and electric motors (some are highly magnetic). For technical details, read Wikipedia article here.
“Rare earths” aren’t actually rare, but as with any metal, commercially viable ore deposits aren’t found everywhere. Currently, China controls about 80% of global “rare earths” production, and Australia 15%, with all of the world’s “heavy rare earths” coming from a single mine in Inner Mongolia. This, of course, has strategic and military implications.
Enter Greenland.
“The world’s biggest island has huge resources of … ‘rare earths,’ used to create compact, super-strong magnets which help power equipment such as wind turbines, electric vehicles, combat aircraft and weapons systems,” Reuters says (read story here).
To be sure, there’s local resistance to mining them, because of pollution concerns. The island’s economy depends on fishing; and two proposed mine sites are within a few miles of a World Heritage Site. In addition, if Chinese companies are involved, that could leave to Chinese intervention in a territory close to U.S. and Canadian shores.
President Trump’s offer to buy Greenland from Denmark wasn’t crazy. Price matters, of course, and Copenhagen no doubt is well aware of the one-sided deals the U.S. cut with France on the Louisiana Purchase and Tsarist Russia on Alaska. If it were ever willing to sell, Washington D.C. would have to pay top dollar. But even so, it’s a deal any U.S. president probably would want to jump on.
