Latest news with #Arctic
Mint
37 minutes ago
- Business
- Mint
Greenland Awards Permit for Metal Critical to Defense Industry
(Bloomberg) -- Greenland has given permission to a Canadian mining company to explore for molybdenum, a metal critical to the production of steel, amid growing demand from the defense industry. The Arctic island and its mineral riches have this year become hot geopolitical topics after Donald Trump's persistent requests to take over the territory, which is part of the Kingdom of Denmark. At the same time, the European Union has identified Greenland as a strategic area of interest as the continent tries to become less dependent on the import of raw materials. Greenland Resources Inc., which is based in Toronto, got a 30-year exploitation permit for molybdenum and magnesium at the Malmbjerg project in east Greenland, according to a statement late Thursday. The company can apply to extend the license period to up to 50-years. The miner said Malmbjerg has the potential to supply all the EU's demand for molybdenum for defense purposes for decades to come, even as military budgets expand. The Canadian company has signed offtake deals with European steelmakers. Primary molybdenum is currently only produced in China, which has 87% of the market, and the US, which has the remaining 13%, the company said. 'The progress we are experiencing in the mineral resources sector is good news for all of us,' Naaja H. Nathanielsen, who's Greenland's minister in charge of business and minerals, said in the statement. 'The mineral resources projects contribute to the Greenland government's goal of a self-sustaining economy and local communities are served through job creation.' Last week, another Canadian miner raised funds to help expand production at Greenland's main gold deposit, Nalunaq. In January, Denmark said it will support a company exploring in south Greenland for graphite, a raw material considered critical by the EU. More stories like this are available on
Bloomberg
an hour ago
- Business
- Bloomberg
Greenland Awards Permit for Metal Critical to Defense Industry
Greenland has given permission to a Canadian mining company to explore for molybdenum, a metal critical to the production of steel, amid growing demand from the defense industry. The Arctic island and its mineral riches have this year become hot geopolitical topics after Donald Trump's persistent requests to take over the territory, which is part of the Kingdom of Denmark. At the same time, the European Union has identified Greenland as a strategic area of interest as the continent tries to become less dependent on the import of raw materials.
Reuters
3 hours ago
- Business
- Reuters
Equinor says Arctic Castberg oilfield producing at peak capacity
COPENHAGEN, June 20 (Reuters) - Norway's Equinor ( opens new tab said on Friday its Johan Castberg oilfield in the Arctic Barents Sea was producing at peak capacity of 220,000 barrels of oil per day. Equinor restarted production at the field last month after repairs following an outage earlier in May.
The Guardian
4 hours ago
- Science
- The Guardian
Researchers call for urgent exploration of methods to cool Earth
It is already obvious that some governments are not acting fast enough to keep the planet's temperature from rising dangerously. While it is essential to continue to concentrate on reducing methane and carbon dioxide emissions as quickly as possible, other methods of cooling the planet need to be urgently explored, according to academics at the University of Cambridge's engineering department. One of the problems is that many of the ideas put forward so far, including injecting sulphates into the atmosphere to reflect sunlight back into space, could do more harm than good. This is because sulphates cause acid rain and interfere with rainfall patterns. To avoid controversy researchers are experimenting with alternatives to sulphates, substances that reflect sunlight but are benign. They will hoist them into the stratosphere using weather balloons then recover them to see what changes this exposure causes. No materials will be released but their cooling effect and whether they could otherwise be harmless can be gauged. Other ideas like drilling holes in the Arctic ice in the winter and pumping seawater over existing ice floes in below freezing air temperatures to thicken them are also being tried, along with spraying seawater to form clouds over the ocean, also to reflect sunlight. If these ideas are otherwise harmless, and work, they might yet save us.
Irish Independent
7 hours ago
- Business
- Irish Independent
Greenland grants 30-year mining permit to EU-backed project
The resource-rich Arctic island has seen rising activity in its mining sector over the past month, after US president Donald Trump expressed an interest in purchasing it earlier this year. The permit was granted to the Toronto-listed Greenland Resources, a company backed by the European Raw Material Alliance, which holds the licence to the Malmbjerg project in eastern Greenland, the country's government said in a statement. The open pit Malmbjerg mine can produce an average 32.8 million pounds of concentrated molybdenum per year, potentially supplying around 25pc of Europe's molybdenum use, according to the company. Molybdenum is a silvery-white metal used primarily to strengthen steel and improve its resistance to heat and corrosion, making it critical for industrial applications such as defence and clean energy. China imposed export controls in early February on five metals, including molybdenum-related products, in response to Mr Trump's tariff on Chinese goods. China accounted for about 40pc of global molybdenum production last year, according to the United States Geological Survey. Molybdenum is considered a critical mineral by both the EU and the US. Earlier this year, Greenland Resources signed off-take agreements with Finland's Outokumpu and Italy's Cogne Acciai Speciali. Although rich in natural resources, the development of Greenland's mining industry has been slow due to bureaucracy and lack of financing. However, Greenland last month granted an exploitation licence to the Danish-French mining group Greenland Anorthosite Mining, while the EU this month picked 13 new critical material projects, including a graphite project in Greenland, to increase supply of metals and minerals. Last week, the US government's export credit agency said Critical Metals Corp, a company developing a large rare earth mine in Greenland, had met initial requirements to apply for a $120m (€105m) loan.
