Latest news with #Danish-French
Economic Times
3 days ago
- Business
- Economic Times
Greenland dumps Donald Trump, signs lucrative minerals deal with Europe in a major blow to the president
Greenland has granted a 30-year mining permit to a Danish-French consortium, Greenland Anorthosite Mining (GAM), for anorthosite extraction, a key component in fiberglass production. This move effectively sidelines US President Donald Trump's ambitions to acquire a strategic foothold in the Arctic. Tired of too many ads? Remove Ads European Consortium Gets the Green Light Who's Behind the Minerals Deal? Donald Trump's Greenland Dream Fades Tired of too many ads? Remove Ads Greenland Pushes Back European Partners Step Up Trump's Long-Term Thinking FAQs Greenland has handed a 30-year mining permit to a Danish-French consortium to extract minerals, shutting the door on US president Donald Trump's much-publicised ambitions to gain a strategic foothold in the Arctic, as per a licence, issued to Greenland Anorthosite Mining (GAM), greenlights anorthosite extraction, a white rock composed mainly of aluminum, micro silica, and calcium , which will be crushed and then shipped to the fibreglass industry, as per READ: Want to work for Warren Buffett? Here's what you could earn at Berkshire Hathaway, according to new report According to Reuters, GAM is backed by the French company Jean Boulle Group and real estate investment firms from Denmark and comes amid the US president publicly expressing his interest in acquiring the autonomous island, which is currently a part of the Kingdom of Denmark and is very rich in minerals, oil and natural gas, as per Newsweek report. Recently, Trump said, "We need Greenland very badly," quoted READ: How much will U.S. debt increase with passage of Trump's big, beautiful bill? Here's the whopping amount However, Greenland's mineral resources minister Naaja Nathanielsen pointed out that United States interest in Greenland has not resulted in any investment, and the deal indicates that business dialogue with European partners was progressing more swiftly, Newsweek said, "We have welcomed a number of investors, but we have not yet seen any concrete example of American funds being injected into Greenland's business community," as quoted in the Newsweek also said that many private US business delegations had visited the region this year, and even though the Trump administration has shown interest, no formal dialogue with the Trump administration had started, as per Newsweek. Nathanielsen also highlighted that the US had no plans for direct investment, according to the report. While, she mentioned that the cooperation with both the EU and Denmark was progressing more smoothly, Newsweek associate professor at Aalborg University in Denmark, Jesper Willaing Zeuthen, pointed out that the US president's interest in resources from Greenland would mostly be focused more on long-term investment objects and securing the minerals in the future, but would not be for immediate development of mines, as per to their mineral resources minister, cooperation with Europe is smoother and more gave a 30-year mining permit to a Danish-French company to extract anorthosite, a rock used in fiberglass and aluminum production.
Canada Standard
3 days ago
- Business
- Canada Standard
Greenland eyes Chinese investment amid new world order
Potential US involvement in mining is problematic, a minister has said, as the autonomous Danish island reassesses global ties Greenland is weighing the possibility of inviting Chinese investment to develop its mining sector in light of tensions with the US and limited engagement with the EU, the island's business and mineral resources minister, Naaja Nathanielsen, told the Financial Times on Tuesday. An autonomous territory of Denmark, Greenland holds vast but hard-to-exploit reserves of minerals such as gold and copper. Foreign capital is essential for developing the resources, yet recent geopolitical tensions have made it difficult to secure reliable partnerships. "We are trying to figure out what the new world order looks like," Nathanielsen said, adding that Greenland was "having a difficult time finding [its] footing" in evolving relationships with its Western allies. The Arctic island signed a memorandum of understanding with the US on mineral development during President Donald Trump's first term. However, according to Nathanielsen, it's coming to an end. The government in Nuuk had tried, unsuccessfully, to renew it during the administration of former US President Joe Biden. Following Trump's return to office in January, Greenland hoped to revive discussions of renewing the memorandum. Instead, the US president talked about purchasing the island and refused to rule out using military force to assert US sovereignty over it. Nathanielsen called such statements "disrespectful and distasteful," adding that Greenland "has no wish to be American." China has shown interest in the Arctic's mineral wealth, including oil, gas, and minerals. It has invested in Russian energy projects and has expressed interest in Greenland's mining sector. No Chinese companies, however, are currently operating active mines in Greenland, although one firm holds a minority stake in an inactive project. According to Nathanielsen, Chinese investors might be holding back because they don't want "to provoke anything." "In those terms, Chinese investment is of course problematic, but so, to some extent, is American," she said. Greenland would prefer closer cooperation with the EU, which aligns more closely with its environmental priorities, the minister said. However, the bloc's engagement has been slow, with only one project, led by a Danish-French consortium, currently in development. The mine is expected to begin operations within five years. READ MORE: Greenland awards major mining contract to Danish-French firm At present, Greenland has two functioning mines: one for gold, operated by the Icelandic-Canadian firm Amaroq Minerals, and another for anorthosite, a light-colored industrial rock, managed by a subsidiary of Canada's Hudson Resources. (
Newsweek
6 days ago
- Business
- Newsweek
Trump Admin Responds To Greenland-Europe Minerals Deal Blow
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The U.S. is ready to expand its economic and security partnership with Greenland, the U.S. National Security Council (NSC) has told Newsweek. The statement follows the Arctic island granting a permit this week to a Danish-French consortium to mine a rock critical to aluminum production. Greenland, which is rich in minerals, oil and natural gas, has been at the center of international attention since U.S. President Donald Trump said he wanted to acquire the autonomous territory, which is part of the Kingdom of Denmark. After announcing the deal with Greenland Anorthosite Mining (GAM), the island's mineral resources minister Naaja Nathanielsen told Reuters there had been visits by U.S. delegations, but this spotlight had not resulted in any American financial commitment into Greenland's business community. Newsweek has contacted the government of Greenland for comment. US Vice President JD Vance tours the U.S. military's Pituffik Space Base in Greenland on March 28, 2025. US Vice President JD Vance tours the U.S. military's Pituffik Space Base in Greenland on March 28, It Matters Greenland is autonomous although part of the Kingdom of Denmark. The strategic and economic importance offered by its Arctic location have been cited by Trump in his statements about wanting to acquire the island. Greenland's government has said that it is not for sale and in announcing the deal to mine anorthosite, comments to Reuters by Nathanielsen suggested that dialog with European partners over investment was progressing better than with the U.S. What To Know GAM, backed by French investment firm the Jean Boulle Group and state investment funds in Greenland and Denmark, has been granted a 30-year permit to extract anorthosite near the Qeqertarsuatsiaat fjord in the west of the island. Anorthosite is a white rock composed mainly of aluminum, micro silica, and calcium. The deal will see it used for the fiberglass industry with longer term plans for it to be a climate-friendly alternative to bauxite in the production of aluminum, Reuters reported. Nathanielsen told Reuters that U.S. business delegations had visited the island but so far, there was no formal dialog with the new U.S. administration or any increased interest in direct investment. In response to a question on whether Trump still intended to acquire Greenland and/or do a deal regarding its resources, NSC spokeswoman Kylie Newbold told Newsweek in a statement that the president remained committed to ensuring the security of Greenland, which in turn is critical to U.S. national and economic security. Newbold said that Trump respects the Greenlandic people's right to determine their own future. "The United States stands ready to further expand our partnership with Greenland on economic, cultural, and security issues," the emailed statement added. Jesper Willaing Zeuthen, associate professor at Aalborg University in Denmark told Newsweek previously that Trump's interest in Greenland's resources is not likely to be the immediate development of mines but rather long-term investment objects, and securing the minerals in the future. But Greenlandic legislation makes this approach difficult, because mining licenses are temporary and require costly activities on the sites to uphold the licenses. In response to Trump's calls for the U.S. to take control of the autonomous Danish territory, Greenland's Prime Minister Jens-Frederik Nielsen said in April that the island is not a "piece of property that can be bought." Speaking alongside Danish Prime Minister Mette Frederiksen in Copenhagen, Nielsen said Greenland and Denmark must stand together in the face of "disrespectful" US rhetoric. In an interview with NBC News' Kristen Welker aired on May 4 the president refused to rule out using force to annex Greenland. What People Are Saying NSC Spokeswoman Kylie Newbold: "The President remains committed to ensuring the security of Greenland, which is critical to U.S. national and economic security. "As the President has said, he respects the Greenlandic people's right to determine their own future, and the United States stands ready to further expand our partnership with Greenland on economic, cultural, and security issues." Greenland's Mineral Resources Minister Naaja Nathanielsen told Reuters that despite Trump's attention, "all the fuss has not resulted in increased appetite for investment directly in Greenland." What Happens Next Trump told CNN on May 4 that "we need Greenland very international security," although what his next move will be is unclear. Meanwhile, Zeuthen said GAM will still need to look for investors to begin construction, a step many other projects have previously failed to achieve, although Nathanielsen expressed hope it could be up and running within five years.
Int'l Business Times
7 days ago
- Business
- Int'l Business Times
Trump Threatens EU With 50 Percent Tariffs Two Days After Union Signs Minerals Deal With Greenland
President Donald Trump threatened to levy 50% tariffs on goods from member nations of the European Union after Greenland gave a Danish-French mining company a 30-year mining permit. The permit will allow the group to extract a rock that could assist with aluminum production in a climate friendly way. The deal was signed on Wednesday, just two days before Trump posted to social media. Trump expressed an interest in buying the nation earlier this year. The island contains a wealth of minerals, oil and natural gas making it a desirable frontier of natural resources. The 47th President took to his social media platform, Truth Social, to express his dismay at the deal. "The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with. Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against Americans Companies, and more, have led to a Trade Deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable," he began. "Our discussions with them are going nowhere! Therefore, I am recommending a straight 50% Tariff on the European Union, starting on June 1, 2025. There is no Tariff if the product is built or manufactured in the United States. Thank you for your attention to this matter!" he concluded. This announcement also followed the President's threats to impose a 35% tariff on Apple iPhones in an attempt to strong arm the company into moving production to the United States. Trump announced potential tariffs against Apple just minutes before threatening the EU. The posts were immediately followed by sinking US stock futures, with European stock markets falling by 2%. Originally published on Latin Times Donald trump European union Apple
Time of India
23-05-2025
- Business
- Time of India
Blow to Trump: 10 points on rare earth minerals deal Greenland has signed with Europe
In a massive blow to US President Donald Trump, Greenland has allowed a Danish-French consortium to mine a rock which is key to the production of aluminum. On Wednesday, Greenland granted a 30-year mining license to a Danish-French mining consortium seeking to extract a moon-like rock that may serve as a climate-friendly alternative in aluminum production. Donald Trump continues to insist that the US could 'get' Greenland, which is part of the kingdom of Denmark, despite Copenhagen saying that's impossible. Vice President JD Vance visited Greenland in March for a quick stop at the US military base there after island residents rejected a broader visit. During that trip, Vance scolded Denmark but acknowledged that Greenland would control its own sovereignty — while still suggesting that it may want to make a deal with the United States. But Trump's talks of annexing Greenland is still in talking stage. ALSO READ: Hidden provision in Trump's 'big, beautiful bill' might undermine US Supreme Court authority Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Chuck Norris: I Stay Away From These 3 Foods Like The Plague Roundhouse Provisions Learn More Undo Here are ten points about the Greenland-Europe minerals deal: -Greenland has granted a Danish-French consortium the right to exploit a type of rock essential for aluminum production, but used in various industries, including the glass fiber industry. -The permit was issued to Greenland Anorthosite Mining (GAM) for the extraction of anorthosite—an important mineral—following earlier interest from U.S. President Donald Trump in purchasing the autonomous island, which is part of the Kingdom of Denmark. Live Events -According to Reuters, GAM, supported by the French company Jean Boulle Group and real estate investment funds from Denmark and Greenland, has been granted an exploitation permit for the next 30 years. ALSO READ: Trump's 'Big, beautiful bill' is here: Who are the top gainers and losers? Check details -Jesper Willaing Zeuthen, associate professor at Aalborg University, in Denmark, told Newsweek Trump's interest in Greenland's resources is likely to be more in securing long-term investment objects which is difficult under current Greenlandic legislation. -Greenland Anorthosite Mining (GAM) has received approval to mine anorthosite—a white rock primarily made up of aluminum, micro silica, and calcium. The company intends to export the crushed material from western Greenland for use in the fiberglass manufacturing industry. -In announcing the 30-year permit, Greenland's Mineral Resources Minister Naaja Nathanielsen said the goal was to scale the project to become a climate-friendly alternative to bauxite in producing aluminum for aircraft, vehicles and defense. -Although business delegates from the US visited the island this year, the rhetoric of the Trump administration has not resulted in formal dialogue or direct investments. Collaboration with the EU and Denmark is proceeding more smoothly, the minister added. ALSO READ: 'Stranger Things' Season 5: Dates, episode titles, cast members and other details about the final season's release -Greenland gained international attention after President Trump voiced interest in purchasing the Arctic island, known for its wealth of minerals, oil, and natural gas. However, Greenland's Minister for Mineral Resources, Naaja Nathanielsen, stated that despite US interest, no investments have materialized. She noted that business discussions with European partners are advancing at a faster pace. -Jesper Willaing Zeuthen, associate professor at Aalborg University in Denmark, told Newsweek on Thursday that Trump's interest in resources from Greenland is likely to focus more on long-term investment objects, and securing the minerals in the future but not the immediate development of mines. -GAM is supported by the Jean Boulle Group, a French investment firm, along with state investment funds from both Greenland and Denmark. Speaking to Newsweek, Zeuthen noted that the company will still need to secure additional investors to move forward with construction—a stage at which many similar projects have previously stalled.
