Latest news with #GreenlandAnorthositeMining
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.
Yahoo
7 days ago
- Business
- Yahoo
Greenland grants 30-year anorthosite mining licence to Greenland Anorthosite Mining
Greenland Anorthosite Mining, a Greenlandic mineral exploration company, has been granted a 30-year exploitation licence by the Government of Greenland for anorthosite mining at Piiaaffik Itersarmiut Allit, north-east of Qeqertarsuatsiaat in west Greenland. This development follows a series of investments in the project, including in the mineral resource estimate and several metallurgical studies to plan and verify the resource processing. The mining initiative has included extensive logistical planning and research to develop economic studies and impact assessments focusing on social and environmental factors. The development is backed by the collaboration between Greenlanders, the Greenland Anorthosite Mining team and investors from French investment firm the Jean Boulle Group. The investors include state investment funds from Greenland and Denmark, the Greenlandic Pension Fund SISA and the Danish SIFI (systemically important financial institution) bank Arbejdernes Landsbank. Greenland Anorthosite Mining chairman Wayne Malouf said: 'I am pleased the Ministry of Mineral Resources shares our vision of the economic and social potential that this project presents. We are proud to pave the way for responsible natural resource development in Greenland after a sustained investment in patient and diligent activities during the preceding 20 years. 'The project will generate significant benefits for the local community and support the region's economic and social development for many years by facilitating the responsible supply of raw materials to serve global customers.' Anorthosite is a grey-white rock composed mainly of aluminium, silicium and calcium. Greenland Anorthosite Mining's anorthosite resource was discovered by the Jean Boulle Group's exploration team in Fiskenæsset on Greenland's west coast. Analysis by technical mining consultancy SRK and analytics company ALS has confirmed that the material from the company's deposit is of exceptionally high quality, with notably low alkali content, making it ideal for use in E-glass. This material is crucial for the transport, construction and green energy sectors, which are experiencing significant growth. The mining and processing of anorthosite is noted for its simplicity and low energy consumption, resulting in no harmful waste. Furthermore, anorthosite facilitates the production of fibreglass and aluminium through processes that are considerably more environmentally friendly than conventional production methods, which typically utilise materials such as kaolin and bauxite. The beneficiation by-products include crushed rock, which can be used in road building or stored safely, and minor metallic by-products that are sought after for recycling. Greenland, which is considered abundant in minerals, oil and natural gas, has long been regarded as a potential resource frontier and has attracted international attention since US President Donald Trump indicated an interest in acquiring it earlier this year, reported Reuters. "Greenland grants 30-year anorthosite mining licence to Greenland Anorthosite Mining" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Russia Today
23-05-2025
- Business
- Russia Today
Greenland awards major mining contract to Danish-French firm
Greenland has granted a 30-year mining license to a Danish-French consortium seeking to extract a moon-like rock that could serve as a climate-friendly alternative in aluminum production. The permit to extract anorthosite, awarded on Wednesday to Greenland Anorthosite Mining (GAM), comes in the wake of renewed global attention on the Arctic territory. US President Donald Trump has repeatedly expressed interest in purchasing the autonomous island, which remains part of the Kingdom of Denmark. Anorthosite is a white rock primarily composed of aluminum, micro silica, and calcium. GAM intends to export crushed anorthosite for use in the fibreglass industry, positioning it as a more sustainable substitute for kaolin, the outlet said. The company is supported by the French investment firm Jean Boulle Group, along with state investment funds from both Greenland and Denmark. Announcing the deal, Greenland's Minister for Mineral Resources, Naaja Nathanielsen, said that the project's objective is to scale up operations in order to offer a climate-friendly alternative to bauxite for producing aluminum—an essential material in the manufacturing of aircraft, vehicles, and defense equipment. 'My hope is that the mine will be operational in five years,' she told Reuters. Despite the increased geopolitical attention, the minister noted that interest from the US had yet to materialize into actual investment in Greenland. Trump has been talking about making Greenland part of the US and has offered to buy the resource-rich Arctic territory from Copenhagen, but also warned that he could go as far as using force to bring it under Washington's sovereignty. Nathanielsen remarked that 'all the fuss' surrounding proposals to purchase the island had not led to a greater appetite for direct investment. While Greenland had received visits from various investors, she pointed out that there had been 'no concrete example of American funds being injected into Greenland's business community' so far. However cooperation with EU partners, she noted, is progressing.
Time of India
23-05-2025
- Business
- Time of India
Greenland dumps Donald Trump, signs lucrative minerals deal with Europe in a major blow to the president
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 report. European Consortium Gets the Green Light The 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 Newsweek. ALSO READ: Want to work for Warren Buffett? Here's what you could earn at Berkshire Hathaway, according to new report 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 War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo Who's Behind the Minerals Deal? According to Reuters, GAM is backed by the French company Jean Boulle Group and real estate investment firms from Denmark and Greenland. Donald Trump's Greenland Dream Fades This 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 Newsweek. Live Events ALSO READ: How much will U.S. debt increase with passage of Trump's big, beautiful bill? Here's the whopping amount Greenland Pushes Back 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 reported. Nathanielsen 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 report. European Partners Step Up She 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 reported. Trump's Long-Term Thinking An 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 Newsweek. FAQs How has Greenland reacted to the European deal? According to their mineral resources minister, cooperation with Europe is smoother and more productive. What's this mineral deal about? Greenland gave a 30-year mining permit to a Danish-French company to extract anorthosite, a rock used in fiberglass and aluminum production.
Newsweek
22-05-2025
- Business
- Newsweek
Greenland Signs Lucrative Minerals Deal with Europe in Blow to Trump
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. Greenland has allowed a Danish-French consortium to mine a rock which is key to the production of aluminum. The permit granted to Greenland Anorthosite Mining (GAM) to extract anorthosite follows interest in the Arctic territory from U.S. President Donald Trump in acquiring the island. GAM, which is backed by French company Jean Boulle Group and real estate investment firms bodies from Denmark and Greenland, was granted a 30-year permit, Reuters reported. This is a developing story to be updated with further information.
