Is Greenland really an untapped land of riches?

Greenland’s vast mineral potential has become a focal point of geopolitical competition as the United States seeks to secure supply chains for rare earth elements currently dominated by China. Australian geologist Greg Barnes spent decades developing the Tanbreeze site, a massive deposit of eudialyte containing minerals like neodymium and yttrium essential for magnets and batteries. While Greenland offers high-quality geology, significant barriers to extraction remain, including a lack of infrastructure—with only 93 miles of roads across the island—and strict environmental regulations regarding radioactive uranium byproducts. Barnes successfully navigated local community concerns and regulatory hurdles, eventually selling his project to a New York-based firm for over $200 million after U.S. officials intervened to block a potential sale to a Chinese-linked buyer. This transition highlights how individual mining ventures in the Arctic are now inextricably linked to national security interests and the global race for critical resources.