Rare earths are a bit of a misnomer — they are quite abundant. The problem is that rarely are they abundant in a concentration worth mining for…
Are the Greenlandic reserves of rare earths large? Not as far as we know. According to the US Geological Survey, considered an authority in the field, the island contains 1.5 million tons. That puts Greenland in the world's top 10, but well behind the US itself, as well as China, Brazil, Vietnam, India and Australia. Very likely, mining for rare earths in all of those countries would be easier and cheaper than in Greenland.
What about the geopolitical considerations? Let me put it this way: Rare earths aren't oil. Or copper; or uranium; or natural gas. In 2023, the total value of the rare earth compounds and metals the US imported was $190 million. The price of rare earth can surge by 50 times and not be more than a blip for the US economy. And at those prices, American companies would find many projects at home before Greenland.
See the whole article on Bloomberg here:
Trump's Folly? Greenland for Critical Minerals Is Utter Nonsense
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