Why Greenland’s vast natural resources won’t necessarily translate into huge profits

Key Highlights

• It possesses at least 25 of the 34 raw materials considered critical by the European Union.
• The EU’s 2024 Critical Raw Materials Act seeks to improve European supply security of these, and both Trump and the EU want to weaken Chinese dominance in the trade.
• Meanwhile, vast reserves of oil are found offshore across eastern and western Greenland.
• The value of these resources is hard to estimate as the prices of oil and critical raw materials fluctuate wildly.
• Like with Venezuela’s oil, it will take an enormous amount of money to build the infrastructure needed to mine the natural resources in Greenland.