Latest news with #Nathanielsen
CNBC
10 hours ago
- Business
- CNBC
Mineral-rich Greenland says it doesn't want to become a great mining nation. Here's why
Greenland has little interest in harnessing its massive resource potential to become a top mining country. The world's largest island has been thrust into the geopolitical spotlight in recent months, with U.S. President Donald Trump repeatedly saying that Washington should control the autonomous Danish territory — even refusing to rule out the use of military or economic force. Trump's pursuit of Greenland comes as mining executives describe the race for the Arctic island's largely untapped extractable resources as an "enormous opportunity." However, Greenland's harsh climate, remote landscape and lack of infrastructure have all been cited as barriers to the island's strategic potential. Naaja Nathanielsen, Greenland's minister for business and mineral resources, told CNBC that exploiting some of the territory's highly prized minerals is "absolutely possible and viable," noting that several mining projects are already underway. "We do have projects underway that I think are very promising: graphite, gold, copper, nickel molybdenum and so on. Rare earths as well," Nathanielsen told CNBC's "Squawk Box Europe" on Friday. "But for Greenland, we are not necessarily interested in becoming a really great mining country. We just really want 5 or 10 active mines at any given time," Nathanielsen said. "We are a very small population so, for us, we don't need the entire country to be covered in mines. We are happy with managing a few and I think that is feasible," she added. Greenland has long pitched itself as a Western alternative to China's near monopoly on rare earth elements. Indeed, a 2023 survey by the Geological Survey of Denmark and Greenland (GEUS) found that 25 of the 34 minerals recognized as critical raw materials by the European Commission were found in Greenland. These minerals include graphite, molybdenum and titanium, all of which are expected to play a key role in the pivot to more sustainable energy sources. Earlier this week, mining development firm Critical Metals Corporation announced it had received a letter of interest from the Export-Import Bank of the United States for a loan worth up to $120 million to fund the firm's Tanbreez rare earths mine in southern Greenland. Notably, the funding package marked the Trump administration's first overseas investment in a mining project. Greenland authorities also recently approved a 30-year mining permit to a Danish-French mining group to exploit anorthosite, a rock rich in aluminum, at a site in western Greenland. Separately, Eldur Olafsson, CEO of Greenland-focused mining company Amaroq, described Greenland as "an amazing country" to operate in. "The geology is such that Greenland has traveled around the world through a geological time and gone everywhere — which means that it has an exposure to most mineral resources," Olafsson told CNBC's "Europe Early Edition" on Thursday. "It has a fantastic jurisdiction in relation to regulation. It is based on Nordic principles and law," he added. Asked how the prospect of the U.S. purchasing Greenland could impact the firm's operations and outlook, Olafsson said Greenland's destiny is for Greenlanders to choose. "In the end, I think Greenland will become most likely an independent state, supported by the Nordic countries and supported by the U.S., just like Iceland was," Olafsson said. Greenland's Nathanielsen said the territory has "very high" environmental, social and governance (ESG) standards, in part because of its previous issues with mining pollution. "I think the people of Greenland really support the mining industry, which is quite kind of rare when you look at other jurisdictions. But they do so because they have faith in us having a high environmental standard and taking care of local communities," Nathanielsen said. "And if we start to fold on that, we will also lose the people's support of this industry. For us it is really important. So, I think we have learned from the past," she added.
6 days ago
- Business
First direct flight from US to Greenland since 2008 lands on Trump's birthday
NUUK, Greenland -- The first direct flight from the U.S. to Greenland by an American airline landed in the capital city of Nuuk on Saturday. The United Airlines-operated Boeing 737 Max 8 departed from Newark International Airport in New Jersey at 11:31 a.m. EDT (1531 GMT) and arrived a little over 4 hours later, at 6:39 p.m. local time (1939 GMT), according to the flight-tracking website FlightAware. A seat cost roughly $1,200. Saturday's flight marks the first direct passage between the U.S. and the Arctic Island for nearly 20 years. In 2007, Air Greenland launched a route between Baltimore/Washington International Thurgood Marshall Airport and Kangerlussuaq Airport, some 315 kilometers (196 miles) north of Nuuk. It was scrapped the following year due to cost. The United Airlines flight took place on U.S. President Donald Trump's 79th birthday, which was being celebrated in Washington with a controversial military parade that's part of the Army's long-planned 250th anniversary celebration. Trump has repeatedly said he seeks control of Greenland, a strategic Arctic island that's a semi-autonomous territory of Denmark, and has not ruled out military force. The governments of Denmark, a NATO ally, and Greenland have said it is not for sale and condemned reports of the U.S. stepping up intelligence gathering on the mineral-rich island. United announced the flight in October, before Trump was re-elected. It was scheduled for 2025 to take advantage of the new Nuuk airport, which opened in late November and features a larger runway for bigger jets. 'United will be the only carrier to connect the U.S. directly to Nuuk — the northernmost capital in the world, providing a gateway to world-class hiking and fascinating wildlife under the summer's midnight sun,' the company said in a statement at the time. Saturday's flight kicked off the airline's twice weekly seasonal service, from June to September, between Newark and Nuuk. The plane has around 165 seats. Previously, travelers had to take a layover in Iceland or Copenhagen, Denmark, before flying to Greenland. The new flight is beneficial for the island's business and residents, according to Greenland government minister Naaja Nathanielsen. Tourists will spend money at local businesses, and Greenlanders themselves will now be able to travel to the U.S. more easily, Nathanielsen, the minister for business, mineral resources, energy, justice and gender equality, told Danish broadcaster DR. The route is also an important part of diversifying the island's economy, she said. Fishing produces about 90% of Greenland's exports. Tourism is increasingly important. More than 96,000 international passengers traveled through the country's airports in 2023, up 28% from 2015. Visit Greenland echoed Nathanielsen's comments. The government's tourism agency did not have projections on how much money the new flights would bring to the island. 'We do know that flights can bring in much more than just dollars, and we expect it to have a positive impact -- both for the society and travellers,' Tanny Por, Visit Greenland's head of international relations, told The Associated Press in an email.
Winnipeg Free Press
6 days ago
- Business
- Winnipeg Free Press
First direct flight from US to Greenland since 2008 lands on Trump's birthday
NUUK, Greenland (AP) — The first direct flight from the U.S. to Greenland by an American airline landed in the capital city of Nuuk on Saturday. The United Airlines-operated Boeing 737 Max 8 departed from Newark International Airport in New Jersey at 11:31 a.m. EDT (1531 GMT) and arrived a little over 4 hours later, at 6:39 p.m. local time (1939 GMT), according to the flight-tracking website FlightAware. A seat cost roughly $1,200. Saturday's flight marks the first direct passage between the U.S. and the Arctic Island for nearly 20 years. In 2007, Air Greenland launched a route between Baltimore/Washington International Thurgood Marshall Airport and Kangerlussuaq Airport, some 315 kilometers (196 miles) north of Nuuk. It was scrapped the following year due to cost. The United Airlines flight took place on U.S. President Donald Trump's 79th birthday, which was being celebrated in Washington with a controversial military parade that's part of the Army's long-planned 250th anniversary celebration. Trump has repeatedly said he seeks control of Greenland, a strategic Arctic island that's a semi-autonomous territory of Denmark, and has not ruled out military force. The governments of Denmark, a NATO ally, and Greenland have said it is not for sale and condemned reports of the U.S. stepping up intelligence gathering on the mineral-rich island. United announced the flight in October, before Trump was re-elected. It was scheduled for 2025 to take advantage of the new Nuuk airport, which opened in late November and features a larger runway for bigger jets. 'United will be the only carrier to connect the U.S. directly to Nuuk — the northernmost capital in the world, providing a gateway to world-class hiking and fascinating wildlife under the summer's midnight sun,' the company said in a statement at the time. Saturday's flight kicked off the airline's twice weekly seasonal service, from June to September, between Newark and Nuuk. The plane has around 165 seats. Previously, travelers had to take a layover in Iceland or Copenhagen, Denmark, before flying to Greenland. The new flight is beneficial for the island's business and residents, according to Greenland government minister Naaja Nathanielsen. Tourists will spend money at local businesses, and Greenlanders themselves will now be able to travel to the U.S. more easily, Nathanielsen, the minister for business, mineral resources, energy, justice and gender equality, told Danish broadcaster DR. The route is also an important part of diversifying the island's economy, she said. Fishing produces about 90% of Greenland's exports. Monday Mornings The latest local business news and a lookahead to the coming week. Tourism is increasingly important. More than 96,000 international passengers traveled through the country's airports in 2023, up 28% from 2015. Visit Greenland echoed Nathanielsen's comments. The government's tourism agency did not have projections on how much money the new flights would bring to the island. 'We do know that flights can bring in much more than just dollars, and we expect it to have a positive impact — both for the society and travellers,' Tanny Por, Visit Greenland's head of international relations, told The Associated Press in an email. __ Associated Press writer Stefanie Dazio in Berlin contributed to this report.
San Francisco Chronicle
6 days ago
- Business
- San Francisco Chronicle
First direct flight from US to Greenland since 2008 lands on Trump's birthday
NUUK, Greenland (AP) — The first direct flight from the U.S. to Greenland by an American airline landed in the capital city of Nuuk on Saturday. The United Airlines-operated Boeing 737 Max 8 departed from Newark International Airport in New Jersey at 11:31 a.m. EDT (1531 GMT) and arrived a little over 4 hours later, at 6:39 p.m. local time (1939 GMT), according to the flight-tracking website FlightAware. A seat cost roughly $1,200. Saturday's flight marks the first direct passage between the U.S. and the Arctic Island for nearly 20 years. In 2007, Air Greenland launched a route between Baltimore/Washington International Thurgood Marshall Airport and Kangerlussuaq Airport, some 315 kilometers (196 miles) north of Nuuk. It was scrapped the following year due to cost. The United Airlines flight took place on U.S. President Donald Trump's 79th birthday, which was being celebrated in Washington with a controversial military parade that's part of the Army's long-planned 250th anniversary celebration. Trump has repeatedly said he seeks control of Greenland, a strategic Arctic island that's a semi-autonomous territory of Denmark, and has not ruled out military force. The governments of Denmark, a NATO ally, and Greenland have said it is not for sale and condemned reports of the U.S. stepping up intelligence gathering on the mineral-rich island. United announced the flight in October, before Trump was re-elected. It was scheduled for 2025 to take advantage of the new Nuuk airport, which opened in late November and features a larger runway for bigger jets. 'United will be the only carrier to connect the U.S. directly to Nuuk — the northernmost capital in the world, providing a gateway to world-class hiking and fascinating wildlife under the summer's midnight sun,' the company said in a statement at the time. Saturday's flight kicked off the airline's twice weekly seasonal service, from June to September, between Newark and Nuuk. The plane has around 165 seats. Previously, travelers had to take a layover in Iceland or Copenhagen, Denmark, before flying to Greenland. The new flight is beneficial for the island's business and residents, according to Greenland government minister Naaja Nathanielsen. Tourists will spend money at local businesses, and Greenlanders themselves will now be able to travel to the U.S. more easily, Nathanielsen, the minister for business, mineral resources, energy, justice and gender equality, told Danish broadcaster DR. The route is also an important part of diversifying the island's economy, she said. Fishing produces about 90% of Greenland's exports. Tourism is increasingly important. More than 96,000 international passengers traveled through the country's airports in 2023, up 28% from 2015. Visit Greenland echoed Nathanielsen's comments. The government's tourism agency did not have projections on how much money the new flights would bring to the island. 'We do know that flights can bring in much more than just dollars, and we expect it to have a positive impact -- both for the society and travellers,' Tanny Por, Visit Greenland's head of international relations, told The Associated Press in an email. __
Canada Standard
27-05-2025
- Business
- Canada Standard
Greenland eyes Chinese investment amid new world order
Potential US involvement in mining is problematic, a minister has said, as the autonomous Danish island reassesses global ties Greenland is weighing the possibility of inviting Chinese investment to develop its mining sector in light of tensions with the US and limited engagement with the EU, the island's business and mineral resources minister, Naaja Nathanielsen, told the Financial Times on Tuesday. An autonomous territory of Denmark, Greenland holds vast but hard-to-exploit reserves of minerals such as gold and copper. Foreign capital is essential for developing the resources, yet recent geopolitical tensions have made it difficult to secure reliable partnerships. "We are trying to figure out what the new world order looks like," Nathanielsen said, adding that Greenland was "having a difficult time finding [its] footing" in evolving relationships with its Western allies. The Arctic island signed a memorandum of understanding with the US on mineral development during President Donald Trump's first term. However, according to Nathanielsen, it's coming to an end. The government in Nuuk had tried, unsuccessfully, to renew it during the administration of former US President Joe Biden. Following Trump's return to office in January, Greenland hoped to revive discussions of renewing the memorandum. Instead, the US president talked about purchasing the island and refused to rule out using military force to assert US sovereignty over it. Nathanielsen called such statements "disrespectful and distasteful," adding that Greenland "has no wish to be American." China has shown interest in the Arctic's mineral wealth, including oil, gas, and minerals. It has invested in Russian energy projects and has expressed interest in Greenland's mining sector. No Chinese companies, however, are currently operating active mines in Greenland, although one firm holds a minority stake in an inactive project. According to Nathanielsen, Chinese investors might be holding back because they don't want "to provoke anything." "In those terms, Chinese investment is of course problematic, but so, to some extent, is American," she said. Greenland would prefer closer cooperation with the EU, which aligns more closely with its environmental priorities, the minister said. However, the bloc's engagement has been slow, with only one project, led by a Danish-French consortium, currently in development. The mine is expected to begin operations within five years. READ MORE: Greenland awards major mining contract to Danish-French firm At present, Greenland has two functioning mines: one for gold, operated by the Icelandic-Canadian firm Amaroq Minerals, and another for anorthosite, a light-colored industrial rock, managed by a subsidiary of Canada's Hudson Resources. (
