In accordance with projections by the International Energy...

In accordance with projections by the International Energy Agency (IEA), the annual demand for various critical metals and minerals is anticipated to escalate from approximately 7.5 million tons in the 2020s to 28 million tons by the year 2040. Under a scenario geared towards achieving net-zero emissions by 2040, the IEA's prognostication escalates to 43 million tons. These indispensable materials find application in an array of industries, including semiconductors, monitors, lasers, camera lenses, catalysts, robust permanent magnets, batteries, nuclear power rods, and are integral to advancements in cancer treatment, as well as in equipment for X-ray and bone density diagnostics. At present, the European Union's primary source of these essential metals is China, which holds the distinction of being the foremost extractor and refiner of rare earths globally. However, this dependency poses multifaceted challenges. The production processes in China engender environmental and public health risks, and furthermore, impede the EU's pursuit of sustainability objectives. The EU's reliance on China for pivotal production components, such as wind turbines and electric vehicle batteries, exacerbates these concerns, consequently prompting the inclusion of rare earth metals on the EU's list of raw materials at risk of scarcity.

Nevertheless, abundant reserves of rare earths exist beyond China's borders. Notably, one of the largest deposits globally is situated within the self-ruling Danish territory of Greenland.