Mining Companies Race to Greenland's Mineral Gold Rush as Ice Melts

Melting glaciers in Greenland reveal valuable minerals valuable for electric vehicles, green technologies, and even national security, sparking mining interest.

By Thea Felicity

Jan 17 2025, 09:01 AM EST

The Greenland Ice Sheet, Facing Intensifying Global Warming, Is Melting — ILULISSAT, GREENLAND - JULY 15: Melting icebergs crowd the Ilulissat Icefjord on July 15, 2024 near Ilulissat, Greenland. Sean Gallup/Getty Images

Climate change has been causing drastic transformations to the thick glaciers of Greenland, turning some parts into barren rocks. While it's an alarming sign of global warming, some are seeing it as a mining "gold rush."

Ice melting deeper and faster in Greenland makes it more accessible to mining companies, as untapped mineral reserves are exposed, opening new avenues for extraction.

According to CNBC, these regions were inaccessible for nearly the entire year because of the thick ice that covered the earth. Now that these ice masses just form for months every year, and retreat a greater distance every season, mining ventures can reach their rich mineral deposits. Companies, such as 80 Mile, and Critical Metals Corporation are currently exploring projects located on the island, such as large oil, and mineral extracting sites.

The United States, among others, is keen on Greenland's resources; former President Donald Trump even considered buying the island. However, Greenland still remains firm about its aspirations toward greater independence and control over the land. According to Prime Minister Mute Egede, the island remains open to closer ties with the US, especially in mining, but maintains that Greenland is "not for sale."

Minerals in Greenland

Greenland has valuable but scarce commodities due to the thick sheet of ice, like titanium, copper, nickel, and lithium, that are important for electrical applications like automobile batteries for electricity-powered vehicles.

WSJ reported that some of the most significant mineral resources lie in Greenland, including rare earth metals, crucial for not just green technologies, but also national security.

Much of the deposits are still in the early stages of exploration.

Experts argue that mineral extraction in Greenland will take years since the rugged terrain, lack of infrastructure, and remote location of Greenland present logistical challenges. However, with increasing access as a result of the melting ice, the island's resource-rich environment is turning into a hot spot for mining companies looking to tap into the global demand for critical minerals.