ETM (ASX) Greenland signs deal with the EU

Originally posted by Mahlon: ↑

Greenland signs lucrative minerals deal with Europe in blow to Trump

This image from March 29, 2025 shows fishing vessels in the harbor of Nuuk, Greenland.©Leon Neal/Getty Images
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. PresidentDonald Trumpin acquiring the autonomous island which is part of the Kingdom of Denmark.

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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, Reutersreported.
Jesper Willaing Zeuthen, associate professor at Aalborg University, in Denmark, toldNewsweekTrump's interest in Greenland's resources is likely to be more in securing long-term investment objects which is difficult under current Greenlandic legislation.
Newsweekhas contacted the White House for comment.
Why It Matters
Greenland has sparked international attention since President Trump expressed his interest in acquiring the Arctic island rich in minerals, oil and natural gas.
Greenland's Mineral Resources Minister Naaja Nathanielsen said that U.S. interest in the island has not resulted in any investment and the deal signals that business dialog with European partners was progressing more quickly.

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What To Know
Greenland Anorthosite Mining (GAM) was granted permission to extract anorthosite, a white rock composed mainly of aluminum, micro silica, and calcium. The firm plans to ship crushed anorthosite from the west of Greenland for use by the fiberglass industry.
In announcing the 30-year permit, Greenland's Mineral Resources Minister Naaja Nathanielsen said the goal was to scale the project to become a climate-friendly alternative to bauxite in producing aluminum for aircraft, vehicles and defense.
She said that private U.S. business delegations had visited the island this year but despite the rhetoric from the Trump administration, no formal dialogue with the new U.S. administration had started nor brought about an increased interest in direct investment. Cooperation with both the EU and Denmark was progressing more smoothly, she added.
Jesper Willaing Zeuthen, associate professor at Aalborg University in Denmark, toldNewsweekon Thursday that Trump's interest in resources from Greenland is likely to focus more on long-term investment objects, and securing the minerals in the future but not the immediate development of mines.

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Zeuthen said that Greenlandic legislation makes this approach hard, since mining licenses are temporary and require costly activities on the sites to uphold them.
Had Greenlandic territory been governed according to U.S. legislation, investors could simply buy the land including sub-territory rights and wait for the ice to melt, Zeuthen said, "but since land in Greenland belongs to the Greenlandic state, Greenland is far from this situation."
What People Are Saying
U.S. President Donald Trumpon May 4:"We need Greenland very badly."
Greenland's Mineral Resources Minister Naaja Nathanielsen:"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."

Jesper Willaing Zeuthen, Aalborg University, toNewsweek:"The wish from Greenland to have mining projects developed when they are not extremely polluting and next to a settlement is high."
What Happens Next
GAM is backed by French investment firm the Jean Boulle Group and state investment funds in both Greenland and Denmark. Zeuthen toldNewsweekthat the company will still need to look for investors to begin construction which is a step many other projects have previously failed to complete.
Update 05/22/25, 8 a.m. ET: This article has been updated with further information and comment from Jesper Willaing Zeuthen.

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Mahlon

It is interesting to note the details on this deal with Denmark Greenland and the French Company Jean Boulle Group which has been working on this Anorthosite mine for many years SIA and EIA in 2022 the licence granted this year...

Very importantly in all the information there is nothing in terms of how much this will improve the Economy for Greenland. or the actual number of jobs. its all uniformed at this stage. Not like Kuannersuit with actual Figures and life of project etc...

The licence is for 30 years but it would seem still needs lot of Capital to ensure the new venture Anorthosite mineral will be the NEW ALLUMIN..

There is still a lot of work and research yet to be done so it seems a very longways from turning a shovel.....

Greenland Venture (established and owned by the Greenland Government ). SISA (Greenlandicc Pension Fund and the Danish State's Investment fund.
So the mine has achieved awards etc for what they are doing....but ir would seem by me on the surface at present all a lot of nothing till something happens sometime in the future...

How much money is expected to be achieved by Greenland with jobs and improving the economy.. At the moment it's money from Pensions funds etc doing the basic risk work to find and get the resource into production....

About Greenland Anorthosite Mining A/S
The anorthosite material has a wide range of applications including the production of E-glass, paint, ceramics, insulation and aluminium related applications all over the world. A critical, proven technical advantage of the high quality anorthosite discovered on the Company’s property is that it enables the production of fiberglass and aluminium using processes that are far more environmentally friendly than the normal production methods, which use materials such as kaolin and bauxite.
The Company was in 2022 granted the Greenland Prospector and Developer of the Year award by the Ministry of Mineral Resources because it demonstrated initiative, innovation and alignment with Greenlandic environmental practice, through its role in identifying and continuing to develop the world’s largest and highest quality anorthosite deposit.
The Company’s lead investor the Jean Boulle Group discovered the anorthosite deposit and was subsequently joined by shareholders including Greenland Venture (established and owned by the Greenlandic Government), SISA (the Greenlandic Pension Fund), Vækstfonden (the Danish State’s investment fund) and several institutional, corporate and private investors.
About Jean Boulle Group is. heavily involved...

Maybe the Greenlandic pension Fund would be better invested in Kuannersuit

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