Greenland miner that surged 80% says rare earth supply in focus

An Australian miner with a rare earth project in Greenland, the Danish territory attracting the interest of the Trump administration, said resource security is increasingly driving prices.

“Supply chains for critical minerals like rare earths are now not just priced based on cost, but more importantly on security of supply,” Energy Transition Minerals Ltd.’s managing director, Daniel Mamadou, said on Bloomberg Television.

“What the West is realizing, and taking steps towards now, is the fact that tough projects need to be funded,” Mamadou said, adding that the company has continued to receive interest from global investors including in Europe and China.

Energy Transition has surged nearly 80% this year in Sydney as the US mulls seeking control of Greenland. President Donald Trump has said he won’t rule out the use of military force to acquire the island, which is a self-ruling territory of Denmark.

Trump has mused about making Greenland part of the US since his first term, but has ramped up the rhetoric after launching a military operation last week to oust Venezuelan leader Nicolas Maduro.

Greenland has sizable natural resources including rare earths – the strategic minerals that have been a focal point of trade talks between China and the US – but commercial extraction in the island remains limited so far.

Energy Transition is developing a flagship rare earth project at Kvanefjeld in southern Greenland, which will consist of a mine, a concentrator and refinery. The company said last month that legal proceedings related to the grant of an exploitation license are still ongoing.

(By Annie Lee and Haslinda Amin)