US Strategic Push for Greenland's Rare Earth Wealth Attracts Billionaire Backing
The United States is making a clear strategic move toward Greenland. Former President Donald Trump recently emphasized the importance of Greenland for national and economic security. This autonomous Danish territory holds vast deposits of rare earth minerals beneath its thick ice sheets.
Tech Titans Turn Attention to Arctic Resources
Following the US's increased control over Venezuela's oil fields, prominent tech investors are shifting their focus. Figures like Bill Gates and Jeff Bezos are now looking at Greenland's mineral potential. Their interest centers on securing materials crucial for next-generation technologies.
Critical Metals Corp, a company developing a mining project on the Arctic island, has noted this shift. CEO Tony Safe reported receiving inquiries from tech investors about how potential US acquisition of Greenland might impact their assets. The company's shares have surged by over 116% since the beginning of the year.
Mining Projects Target Heavy Rare Earth Elements
The mining initiative, still in early development stages, aims to extract heavy rare earth elements (HREE). These materials have diverse applications. They are essential for electric vehicles, AI data center infrastructure, and various advanced technological systems.
Another firm, Amaroq, is also engaged in discussions with the US government regarding potential investment in Greenland. CEO Eldur Olafsson highlighted last November that their project site contains rare earth minerals like germanium and gallium. These specific elements are vital for manufacturing AI chips.
Defense and Technology Applications Drive Demand
Tony Safe of Critical Metals Corp provided a detailed statement to CNBC. He explained that heavy rare earths generate the most interest. This group includes Yttrium, Gadolinium, Terbium, Dysprosium, Holmium, Erbium, Thulium, Ytterbium, Lutetium, and Gallium.
"These materials are absolutely essential," Safe emphasized. "We cannot fly rockets into space, build nuclear submarines, or develop next-generation fighter jets without them. They are fundamental for defense technologies, robotics, semiconductors, and aerospace applications."
Billionaire Investments Span Mining and Urban Development
The billionaire involvement in Greenland extends beyond traditional mining. In 2019, Jeff Bezos and Bill Gates invested in KoBold Metals. This company specializes in locating valuable rare earth minerals used in electronic devices. OpenAI CEO Sam Altman later joined this investment three years after the initial backing.
Meanwhile, Peter Thiel, co-founder of PayPal and Palantir, is pursuing a different vision. He has invested in a startup called Praxis. This venture aims to construct an advanced "freedom city" on the island, showcasing diverse approaches to Greenland's development.
The convergence of geopolitical strategy and private investment highlights Greenland's growing significance. Its rare earth reserves are becoming a focal point for securing materials that power modern technology and national defense capabilities.
