Greenland Award Permit for Metal that is critical to the Defense Industry | Company Business News

(Bloomberg) – Greenland has given a Canadian mining company permission to investigate Molibdene, a metal that is critical to steel production, amid the growing demand of the defensive industry. The Arctic island and its mineral wealth became warm geopolitical topics this year after Donald Trump’s persistent requests to take over the area, which is part of the Kingdom Denmark. At the same time, the European Union has identified Greenland as a strategic area of ​​interest, as the continent is less dependent on the import of raw materials. Greenland Resources Inc., based in Toronto, received a 30-year-old mining permit for Molybdenum and magnesium at the Malmbjerg project in Eastern Groenland, according to a statement late Thursday. The company can apply to extend the licensing period to 50 years. The miner said Malmbjerg has the potential to meet all the EU’s demand for molybdenum for defense purposes for decades, even as military budgets expand. The Canadian company has signed offtake transactions with European steel makers. Primary molybdenum is currently only produced in China, which has 87% of the market, and the US, which has the remaining 13%, the company said. “The progress we are experiencing in the mineral resources sector is good news for all of us,” Naaja H. Nathanielsen, who is the Minister of Greenland in charge of business and minerals, said in the statement. “The mineral resource projects contribute to the purpose of the Greenland government of a self -sustaining economy and local communities are served by job creation.” Last week, another Canadian miner raised money to expand the production at Greenland’s most important gold deposit, Nalunaq. In January, Denmark said it would support a company that is being investigated in South Greenland for Graphite, a raw material that is critical by the EU. More stories like these are available on Bloomberg.com © 2025 Bloomberg LP