ANKARA

After US President Donald Trump expressed interest in purchasing Greenland, the semi-autonomous region of Denmark and an EU overseas territory, has once again become a focal point due to its strategic location and abundant mineral resources.

While Greenland attracts attention, especially with its reserves of rare earth elements, uranium, gold and hydrocarbons, the melting glaciers due to global warming increase its geopolitical importance by opening the sea routes in the region.

When Trump first expressed his desire to buy Greenland in 2019, Danish Prime Minister Mette Frederiksen called it "ridiculous" and stressed that Greenland was not for sale. After this statement, Trump canceled his planned visit to Denmark.

After Trump reiterated his desire to acquire Greenland following his re-election, Greenland's Prime Minister Mute Bourup Egede responded by suggesting that this situation could be seen as "an opportunity for cooperation" rather than a "threat." He also mentioned that they are open to investors in the mining sector.

Egede expressed concern over the situation and underscored the importance of avoiding military conflict.

Rachael Lorna Johnstone, professor of law at the University of Greenland told Anadolu that Greenland has deposits of rare earth elements, critical minerals, iron and uranium, the value of which is difficult to calculate exactly, adding that "in 2021, the parliament of Greenland voted to ban uranium mining and the government has stopped all hydrocarbon activities. However, it is actively seeking investment in other mining ventures."

Pointing out that Trump's interest in Greenland may be related to the richness of these resources and the geopolitical position of the country, "Greenland offers a source of critical minerals in a stable, democratic country. If tapped, this can reduce the dominance of China in these markets," she said.

Possible turmoil in critical raw material markets

Caner Zanbak, an environmental coordinator of the Turkish Miners' Association, stated that Trump's interest in Greenland is the effort to increase the geopolitical power of the USA, especially in the context of preparing for possible frictions with China and Russia in the near future.

At the onset of the apparent geopolitical tensions, the focus has shifted to the mineral resources essential for green technologies in Greenland, including critical minerals, as well as potential oil and natural gas reserves. The retreat of glaciers in the Arctic region is also significant, as it opens up the possibility of shorter and faster trade routes between the Atlantic and Pacific Oceans. It is important to note that the United States will benefit greatly from the Pituffik Space Base in Greenland, along with the establishment of an additional early warning system for ballistic missiles.

Zanbak pointed out that if the US uses Greenland's resources in the market race against China and the EU, there may be turmoil in critical raw material markets all over the world, as well as China and the EU.

"Extracting minerals likely to be found in Greenland and making them available for use is not a process that can be completed quickly. Due to the high investment and production costs associated with mining in challenging geographical conditions, the potential environmental impacts, and the socioeconomic issues involved, it will take at least 10 years for the USA to begin utilizing Greenland's resources. Additionally, it's important to consider that significant developments may arise from regulations in the global critical raw materials markets, particularly regarding China, which currently holds a monopoly over the supply of at least 20 critical raw materials."

Zanbak emphasized that in such a case, the EU, which carries out its policy of becoming the world's largest economic power under the Green Deal, might be the group of countries that will be most negatively affected in the global critical raw material market.

According to the Swedish national newspaper Dagens Nyheter, Greenland is believed to have critical raw materials, including uranium and oil, valued at a minimum of $2.54 trillion located underground and on the seabed. The rapid melting of glaciers in Greenland and Antarctica, driven by global warming, is exposing the region's rich mineral resources.

The US Geological Survey (USGS) estimates that the area holds oil and natural gas reserves equivalent to approximately 31 billion barrels.