Canadian company looks to exploit rare earth minerals in Greenland

 Legal Insurrection:

The last time we checked on Greenland, the region was being targeted by billionaire investors who hoped to develop rare earth mining capacity and access minerals critical for electric vehicle operation.

Now a Canadian company has bought the rights to explore a mineral deposit and challenge China’s domination of these resources.

The Canadian rare earth processor Neo Performance Materials plans to buy the rights to explore a mineral deposit in Greenland that contains the rare earth elements neodymium and praseodymium, which are used to make magnets for electric cars, wind turbines, and missiles.

This project is the company’s first step into mining and part of a strategy to create dual supply chains for magnets inside and outside of China. Neo hopes the mineral deposit will eventually supply its rare earth separation plant in Estonia.

“I think it makes all the sense in the world from an operating perspective to be looking to secure our upstream,” CEO Constantine Karayannopoulos said on an investor call earlier this month. The firm also wants to build a magnet plant in Estonia.

The US Geological Survey estimates that in 2021 about 60% of rare earth elements were mined in China. After they are mined, ores containing a mixture of rare earth elements are concentrated. The concentrated ore has to be separated into individual oxides and processed into rare earth metals. Finally, those metals are used to make magnets.

Officials for the company indicate that the goal is to have the mine running in two to three years.

...

Recall that Trump wanted the US to buy Greenland when he was in office.  He was on to something. 

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