Greenland can open up a huge uranium deposit for mining. Locals say it could change their way of life as Trump threatens to take over the Danish island territory, residents of a small town are concerned about the plans of an Australian mining company.
In 2007, the mining license was acquired by a company formerly known as Greenland Minerals, and now Energy Transition Minerals (ETM), after which the mineral complex was thoroughly studied during a new drilling campaign, which showed, that it contains a huge amount of rare earth minerals in addition to uranium.
But after IA came to power in 2021, Greenland banned uranium mining. The move prompted ETM, a Perth—based company partially owned by Chinese government-backed Shenghe Resources, to sue Greenland for interfering with its plans, demanding either the right to develop the field or compensation of up to $11.5 billion.
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