Most people don’t think of Greenland as an emerging economy. With a population of 56,000, it just doesn’t show up on the radar screen, unless of course, you are in the metals industry. So how could one consider Greenland an emerging economy? First, the country will become independent (from Denmark) on June 21, according to a recent Business Week article. Second, the new government plans to capitalize on many of the country’s natural resources. And those two factors have generated interest from some big companies.
Alcoa would like to take advantage of cheap hydroelectric power because Greenland is home to many flowing rivers. According to the Business Week article, Alcoa may build a smelter. But other natural resources including oil, lead, zinc and several precious metals ” gold, platinum, palladium appear more economically viable because global warming has created faster flowing rivers. The article also mentions that one mine for lead and zinc has reopened because it is easier to reach.
Some of the less commonly used metals (but no less important) are mined alongside lead and zinc (these include indium, gallium, selenium). Does Greenland present opportunities for those metals? Stay tuned ¦