US urged Greenland rare earths developer to avoid selling to China, according to Reuters
According to a report by Reuters, the US successfully convinced Tanbreez Mining, a rare earths developer based in Greenland, to refrain from selling a crucial deposit to China. Read Full Article at RT.com.
TroibNews 
The report emerges as President-elect Donald Trump intensifies his push to acquire the Danish-controlled territory.
US officials urged a Greenland-based precious minerals company not to sell a rare-earth project to Chinese investors, according to the claims made by the firm’s CEO. In an interview with Reuters, Tanbreez Mining CEO Greg Barnes revealed that the deposit was ultimately sold to a US firm.
This development coincides with Trump’s strong insistence that the US should take control of the island, which is abundant in minerals and holds significant strategic importance in the Arctic.
Barnes detailed to Reuters that the privately owned company faced financial hurdles in extraction and had to explore offers to divest its deposit at Kringlerne, located in southern Greenland. He mentioned receiving several bids from Chinese firms but noted that US officials, who conducted two visits to the project last year, persistently urged him not to sell to a buyer linked to Beijing. Ultimately, he opted to sell to Critical Metals, a New York-based mining development company, because proposals from Chinese and other entities had not clearly defined their payment plans.
Critical Metals CEO Tony Sage corroborated to the news outlet that “there was a lot of pressure not to sell to China” directed at Barnes. Sage claimed that Barnes was compelled to agree to a significantly less profitable deal than what was offered by Chinese buyers, with Critical Metals providing $5 million in cash and $211 million in stock.
Neither Sage nor Barnes revealed the identities of the officials they interacted with or the Chinese companies that made offers. The US State Department and the White House did not respond to requests for comment from Reuters regarding the report, while the Danish Foreign Ministry also declined to comment.
Rare earth minerals play a crucial role in advanced technologies and military apparatus due to their powerful magnetic properties, rendering them strategically vital across various industries, including electric vehicles and missile systems. The Tanbreez deposit consists of about 30% heavy rare earths and includes gallium, which is prevalent in semiconductors, transistors, and small electronic devices.
Since his first term, Trump has expressed interest in acquiring Greenland. The world’s largest island achieved home rule from Denmark in 1979 and already hosts a significant US military base. During a press briefing on Tuesday, Trump stated that the island was an “absolute necessity” for US national security and did not dismiss potential military or economic actions to secure it.
The government of Greenland has firmly dismissed Trump’s proposals, labeling them “an absurd idea.” Denmark has also expressed opposition to the notion.
Washington has increasingly raised alarms about the threats associated with China’s dominance in the global rare earths market. As of 2022, China was responsible for approximately 60% of global production and 85% of processing capacity of rare earths, prompting US concerns about reliance on Beijing for essential materials.
China views rare earths as crucial to its economic progress. In December, Beijing enacted a ban on the export of specific rare minerals and metals to the US, a reaction to recent export controls from Washington regarding essential components for semiconductor manufacturing. The Chinese Commerce Ministry noted that this action was taken “to safeguard national security.”
Jessica Kline contributed to this report for TROIB News
US officials urged a Greenland-based precious minerals company not to sell a rare-earth project to Chinese investors, according to the claims made by the firm’s CEO. In an interview with Reuters, Tanbreez Mining CEO Greg Barnes revealed that the deposit was ultimately sold to a US firm.
This development coincides with Trump’s strong insistence that the US should take control of the island, which is abundant in minerals and holds significant strategic importance in the Arctic.
Barnes detailed to Reuters that the privately owned company faced financial hurdles in extraction and had to explore offers to divest its deposit at Kringlerne, located in southern Greenland. He mentioned receiving several bids from Chinese firms but noted that US officials, who conducted two visits to the project last year, persistently urged him not to sell to a buyer linked to Beijing. Ultimately, he opted to sell to Critical Metals, a New York-based mining development company, because proposals from Chinese and other entities had not clearly defined their payment plans.
Critical Metals CEO Tony Sage corroborated to the news outlet that “there was a lot of pressure not to sell to China” directed at Barnes. Sage claimed that Barnes was compelled to agree to a significantly less profitable deal than what was offered by Chinese buyers, with Critical Metals providing $5 million in cash and $211 million in stock.
Neither Sage nor Barnes revealed the identities of the officials they interacted with or the Chinese companies that made offers. The US State Department and the White House did not respond to requests for comment from Reuters regarding the report, while the Danish Foreign Ministry also declined to comment.
Rare earth minerals play a crucial role in advanced technologies and military apparatus due to their powerful magnetic properties, rendering them strategically vital across various industries, including electric vehicles and missile systems. The Tanbreez deposit consists of about 30% heavy rare earths and includes gallium, which is prevalent in semiconductors, transistors, and small electronic devices.
Since his first term, Trump has expressed interest in acquiring Greenland. The world’s largest island achieved home rule from Denmark in 1979 and already hosts a significant US military base. During a press briefing on Tuesday, Trump stated that the island was an “absolute necessity” for US national security and did not dismiss potential military or economic actions to secure it.
The government of Greenland has firmly dismissed Trump’s proposals, labeling them “an absurd idea.” Denmark has also expressed opposition to the notion.
Washington has increasingly raised alarms about the threats associated with China’s dominance in the global rare earths market. As of 2022, China was responsible for approximately 60% of global production and 85% of processing capacity of rare earths, prompting US concerns about reliance on Beijing for essential materials.
China views rare earths as crucial to its economic progress. In December, Beijing enacted a ban on the export of specific rare minerals and metals to the US, a reaction to recent export controls from Washington regarding essential components for semiconductor manufacturing. The Chinese Commerce Ministry noted that this action was taken “to safeguard national security.”
Jessica Kline contributed to this report for TROIB News
