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Biden officials make last-ditch push for Greenland mining investment
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Biden officials make last-ditch push for Greenland mining investment
Nov 26, 2024 8:39 AM

Nov 26 (Reuters) - The outgoing administration of U.S.

President Joe Biden is making a last-ditch push for mining

companies and others to invest in Greenland, a move aimed at

cementing its critical minerals diplomacy and boosting Western

supply of materials for the energy transition.

Before President-elect Donald Trump takes office in January,

Biden and his staff have been taking multiple steps to shore up

their legacy, including boosting aid to Ukraine and rushing to

approve U.S. mine permitting and financial incentives.

Jose Fernandez, the State Department's under secretary for

economic growth, energy and the environment, spent four days in

Nuuk last week to meet with the Ministry of Foreign Affairs and

Minerals Resource Authority.

Greenland, a semi-autonomous part of Denmark and host to one

of the largest U.S. Air Force bases, contains large deposits of

most of the minerals considered critical by the U.S. Geological

Survey.

"That was my attempt to provide to investors a glimpse of

what opportunities exist in Greenland," Fernandez told Reuters.

"Greenland wants to become the next mining frontier."

The visit culminated in an eight-hour conference call last

Wednesday from Nuuk moderated by Fernandez between Greenland

officials and more than 70 Japanese, European and U.S. mining

companies and other potential investors.

Diplomats from Australia, the United Kingdom and the

European Union, as well as the U.S. Export-Import Bank and the

European Investment Bank, joined the call, which focused on

seven projects, including a rare earths project from Neo

Performance, a nickel project from Anglo American

and a molybdenum project from Greenland Resources

.

"In Greenland, we see the development of critical minerals

as a shared global responsibility, where our country can take on

a leading role," said Naaja Nathanielsen, Greenland's minister

for industry, trade, minerals, justice and gender equality.

The U.S. State Department has been offering permitting,

mapping and other regulatory advice to Nuuk officials, as well

as helping to draft a mining investment law, all aimed at

prodding investment in Greenland at standards considered higher

than Chinese-linked rivals.

"Yes, we want to get their critical minerals and use them in

our economy, but we don't want to do that at their expense,"

said Fernandez.

Trump, who takes office in January, unsuccessfully tried to

buy Greenland from Denmark during his first term.

"I cannot forecast what the next administration will do, but

the business case will not change," Fernandez said. "The demand

for critical minerals worldwide is increasing exponentially."

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