Greenland Mines says US pact could strengthen mineral supply
The rare earth company welcomed the possible deal to strengthen Greenland’s global position.
Greenland Mines (NASDAQ: GRML) has praised the recent security agreement involving the US, Denmark, and Greenland, stating that it highlights the island's significance for critical minerals. The deal, expected to be signed during the 81st session of the United Nations General Assembly, aims to secure the territory's resources and prevent non-allied countries from establishing military bases.
Greenland Mines president Bo Møller Stensgaard believes that the agreement's strategic importance extends to the critical minerals needed for defense, advanced technology, and energy security. The company's two major assets, the Sarfartoq project and Skaergaard, contain neodymium-praseodymium rare earths and palladium, platinum, gold, and vanadium, respectively.
Sarfartoq could potentially provide 34% of all neodymium and praseodymium oxide currently refined outside China by 2025. The security pact builds on longstanding US defense arrangements in Greenland and preserves Danish sovereignty and Greenlandic self-determination. Greenland Mines sees an opportunity to expand its footprint at Sarfartoq and unlock the value of less-developed known zones, systematically testing the wider district for future rare earth discoveries.
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