According to the US Geological Survey, the Arctic might contain around 10% of the world’s undiscovered oil reserves and up to 30% of its undiscovered gas. Gold mines have opened in the south and west of Greenland and diamonds have been found at several locations north of Nuuk, including a 2.39 carat specimen. Rare earth elements, which are needed for missile guidance systems, flatscreen TVs, cigarette lighters and low-energy light bulbs, provide (in the words of prospectors) “a unique geological entity with extraordinary resource potential”, especially since China controls 90% of global production and has imposed rationing on the international market in rare earths. In addition, Alcoa is to build the world’s biggest aluminium plant in Greenland, though the alumina providing the raw material will come from distant regions such as the Caribbean. Abundant uranium also occurs in Greenland, but the Greenland government has so far banned its extraction.
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