China may soon get to skirt environmental regulations by mining rare earths in another land — Greenland.
According to the BBC, Greenland’s prime minister, Kuupik Kleist, recently said that his country would not give preferential consideration to the European Union when it comes to mining Greenland’s rare earth minerals deposits — and that China would be considered equally (even though China has a 97% monopoly on the market already).
“The European Commission estimates that [Greenland’s] resources could total 9.16% of the global rare earth deposits,” the article stated. Also, “the EU sees ‘especially strong potential’ in Greenland’s deposits of niobium, platinum, rare earths and tantalum, among the elements on an EU “critical raw materials” list.
With the ice caps receding, mining opportunities for the likes of Australia, Canada (the top two miners in Greenland currently), the EU, and soon perhaps China, are becoming more realistic. It would be a winning economic proposition for Greenland, where poverty is the biggest issue for the island’s population of 57,000.
This Week’s Rare Earths Prices
Certain rare earth oxide prices continue falling on MetalMiner’s weekly rare earths price index.
The biggest mover this week was terbium oxide with a 6 percent fall on the Rare Earths MMI®.
Neodymium oxide saw a 4.8 percent drop-off this week. Cerium oxide prices held steady from the previous week.
Dysprosium oxide, europium oxide and lanthanum oxide, among other price points, did not change since the week before.
The Rare Earths MMI® collects and weights 14 global rare earth metal price points to provide a unique view into rare earth metal price trends. For more information on the Rare Earths MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.