Every major power wants to lessen their reliance on China for “rare-earth” elements, which are essential in small amounts for everything from sonar systems to microchips. The largest deposits of rare earths in the West and the largest reserves of nickel and cobalt, which are necessary for batteries, are found in billion-year-old, solidified lava chambers under Greenland. That is probably one reason why Trump wants to buy this land.
At the most recent annual Arctic assembly, a conference for investors and governments that took place in October in the capital of Iceland, Reykjavik, the atmosphere was frenetic. New mining proposals were offered by investors. Greenland officials were so overrun by mining managers.
However, it is not easy to retrieve riches from the top of the planet. Convincing others to work there is the most difficult task. To make up for the suffering, pay must be extremely high. The typical salary in Vancouver is five times that of a blue-collar worker in the North American Arctic.
However, the companies are rushing for the northern mines. The closest communities have been impacted by the Arctic resource rush. As more foreigners move into Whitehorse, the capital of Canada’s Yukon region, real estate prices have skyrocketed. Many employment opportunities are offered by mining companies, which are keen to appease the local First Nation (indigenous) population, yet few people apply. Only 20 job seekers attended a job fair organized by the First Nation organization Kwanlin Dun, which brought together 200 potential employers. According to Adrienne Hill, a First Nation representative, the majority of young residents already have employment, and few believe that the trade-off between higher wages and unfavorable working conditions is worthwhile.
Source: Economist
