President Donald Trump has stated he thinks the US will achieve management of Greenland, underlining his persistent declare on the Arctic island, on one event pointing to “financial safety” as the rationale. Whereas the autonomous Danish territory has been fast to say it is not on the market, its huge and largely untapped mineral assets are in nice demand.

Jagged gray peaks all of a sudden seem earlier than us, because the motorboat navigates uneven coastal waters and dramatic fjords at Greenland’s southern tip.

“These very excessive pointy mountains, it is mainly a gold belt,” gestures Eldur Olafsson, the chief govt of mining firm Amaroq Minerals.

After crusing for 2 hours we stepped ashore at a distant valley beneath Nalunaq mountain, the place the agency is drilling for gold.

It is also scouring the encompassing mountain vary and valleys, trying to find different helpful minerals, having snapped up exploration licences spanning over 10,000 sq km (3,861 sq miles).

“We’re in search of copper, nickel, and uncommon earths,” says the Icelandic boss. “That is uncharted, and nonetheless has the potential to have a number of large deposits.”

The bottom camp is a cluster of cellular buildings and vivid orange lodging tents housing greater than 100 workers, together with Greenlanders, Australians, and British former coal miners. From there a highway climbs up the valley, and we drive by automobile into the gold mine, following a darkish tunnel upwards contained in the mountain.

“See right here!” says Mr Olafsson pointing to a seam of white quartz and a skinny darkish line. “Gold, gold, gold. All the best way over. Is not that extraordinary?”

The mine, which Amaroq purchased in 2015, had operated for many of the previous decade, however closed as a consequence of then falling gold costs, and excessive working prices.

Amaroq is assured that the mine will now be worthwhile. And it plans to ramp up manufacturing this yr, the place it has constructed a model new processing plant to crush the ore and refine the dear steel into gold bars.

“We will both stroll off web site each month with a suitcase of gold, versus a 30,000 tonne ship [carrying the ore],” explains Mr Olafsson.

He says that Greenland presents an unrivalled alternative as a result of its enormous mineral reserves are largely untouched.

“It may be the provider of all of the minerals the Western world will want for many years,” provides Mr Olafsson. “And that may be a very distinctive place.”

But at present there are simply two lively mines on all the island.

Greenland is a self-governing territory that’s a part of Denmark, however controls its personal pure assets.

It is endowed with the eighth largest reserves of so-called uncommon earth parts, that are very important for making all the things from cell phones to batteries and electrical motors. It additionally has massive quantities of different key metals, akin to lithium and cobalt.

There’s oil and fuel too, however new drilling is banned, whereas deep-sea mining has additionally been dominated out.

Christian Kjeldsen, director of Greenland’s Enterprise Affiliation, says that the worldwide “geopolitical scenario proper now’s driving curiosity on the earth’s greatest island”.

He factors to China having the world’s largest reserves of uncommon earth metals, whereas the West needs to safe different provides.

“You may have a really robust China sitting very closely on the crucial uncooked supplies,” he says.

That has fuelled a rising focus amongst Western nations to get entry to Greenland’s minerals. China has additionally been eager to become involved, however its presence is restricted.

Reuters recently reported that the US lobbied an Australian mining agency to not promote Greenland’s greatest uncommon earth undertaking to potential Chinese language consumers.

Greenland’s Minister for Enterprise, Commerce and Uncooked Supplies, Naaja Nathanielsen, says that curiosity within the territory’s minerals has “completely elevated inside the final 5 years or so”.

She provides: “We’re used to being a hotspot for the local weather disaster. We need to be part of the answer.”

Permits have now been given for 100 blocs throughout Greenland, the place corporations are looking for viable deposits. British, Canadian and Australian mining corporations are the most important international licence holders, whereas Individuals maintain only one.

However there are lots of extra steps earlier than these websites turn into potential mines.

But whereas Greenland could also be sitting on mineral riches, any “gold rush” continues to be sluggish to materialise.

The financial system, which has an annual GDP of simply over $3bn (£2.4bn), remains to be pushed by the general public sector and fishing. And the territory additionally depends on an annual $600m subsidy from Denmark.

Greenland’s politicians hope that mining revenues will cut back reliance on the annual $600m subsidy from Denmark, and assist increase independence efforts. However within the meantime Greenland is making more cash from tourism.

Formally mining remains to be essential for independence, says Javier Arnaut, head of Arctic Social Sciences at Greenland College. “However in sensible phrases, you’ll be able to see that there are only a few mining licenses awarded.”

Ms Nathanielsen concedes that whereas there are partnerships being developed with the US and EU, “we nonetheless haven’t seen massive quantities of cash flowing into this sector”. She hopes that there will probably be one other three to 5 mines working inside the subsequent decade.

Nonetheless mining shouldn’t be straightforward in Greenland due to its distant geography and climate. It is the world’s largest island and 80% of it’s lined by an ice sheet. It has rugged mountains and no roads between settlements.

“It is an arctic terrain,” says Jakob Kløve Keiding, from the Geological Survey of Denmark and Greenland, which has mapped the territory’s deposits. “We have now issues with harsh situations when it comes to the local weather and restricted infrastructure. So it is fairly costly to open a mine.”

These excessive prices, coupled with low international steel costs, have held again buyers.

Others blame purple tape for the sector’s sluggish development. The territory has strict environmental rules and social affect necessities, and getting permits can take time.

Ms Nathanielsen maintains that the majority communities do assist mining, and that it boosts native economies. “They [overseas miners] are buying within the native store. They’re using native staff. They’re chartering an area boat or helicopter,” she says.

But within the south’s greatest city, Qaqortoq, resident Heidi Mortensen Møller is sceptical whether or not new mines will result in employment for locals. “After they say they’ll add jobs, who’re they speaking about?”

Jess Berthelsen, head of native labour union, SIK, says that many individuals assume mining earnings “will depart the nation”, and never profit Greenland. However he helps the expansion of the sector. “Greenland wants extra earnings and to earn cash from different methods than fishing.”

It is unclear how Trump’s newest gambit on Greenland will play out. Nonetheless, the territory’s prime minister Mute Egede stated earlier this month that “we have to do enterprise with the US” and that it was “doorways open when it comes to mining”.

Mr Kjeldsen from the enterprise affiliation, hopes will probably be convey “a lot wanted funding” to the sector. “However, if the uncertainty surrounding the alerts from Trump drag on for an extended interval, there’s a threat that this would possibly affect the funding atmosphere negatively.”