A photo taken during a helicopter tour with U.S. Secretary of State Antony Blinken shows ice receding from a glacier near Kangerlussuaq, Greenland, on May 20, 2021.
(SAUL LOEB/POOL/AFP via Getty Images)
As the world slowly emerges from the COVID-19 pandemic, many commodity prices are on the rise. However, prices for those metals and minerals involved in the energy transition -- i.e. lithium, copper and rare earth elements -- will likely remain high beyond the initial recovery. Sustained demand and limited supply, along with the strategic nature of electrification technology, will drive nation states to ensure the security of supply chains for these elements. For the United States and its allies, this security will include finding sources for mining or processing rare earth elements that do not involve China. Australia provides an alternative location, but so does Greenland. And rising temperatures in the Arctic will only further raise interest in the island’s abundant natural resources. ...
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