Trumps Greenland deal follows US firms purchase of rare-earth metals mine there

President Trump’s new Greenland security deal comes just 17 days after a US-based company quietly closed a deal to purchase a Greenland mining company that would produce more than a third of the world’s rare earth magnet supply outside of China.On Sept.2, Greenland Mines, a NASDAQ listed US-aligned firm headquartered in North Carolina, closed a deal for the Sarfartoq rare earths project in southwest Greenland.

The company announced that it planned to produce NdPr oxide – a compound of neodymium and praseodymium used in the manufacturing of magnets for EVs and wind turbines, as well as defense capabilities.It said it planned to produce about one-third of the amount refined globally outside of China, as the US and other world powers position for access to vital rare earth minerals.The company says the project has an estimated net present value of approximately $2.05 billion.

The closing of the deal was first announced in May, and points to new potential economic ties between the US and Greenland.President Trump, in his Friday night statement, announced that the US, Denmark, and Greenland have entered into an agreement “that gives the United States permanent control over security, and all other needs, in Greenland, completely addressing ALL of our many U.S.

concerns.”“From now on, no U.S.adversary can EVER have a base in Greenland, have a military presence in Greenland, or make sensitive investments in Greenland, without our express written approval,” Trump posted on Truth Social.The three governments are expected to sign the agreement next week at the United Nations General Assembly in New York.Greenland Mines president Bo Møller Stensgaard praised the Trump deal: “Today’s announcement underscores what we have long believed: Greenland is becoming one of the most strategically important regions in the world.

We applaud the US and the governments of Greenland and Denmark for advancing a framework that strengthens security, deepens cooperation amo...