With China controlling nearly 90% of the world’s supply of rare earth, the Five Eyes network should forge closer ties with Greenland to boost the critical supply of the minerals and cut their dependence on China, said a think tank on Thursday.
In a report, London-based Polar Research and Policy Initiative said, Greenland has huge deposits of rare earths which are widely used across industries and sectors, ranging from electronics to defense, and the intelligence sharing alliance should forge closer ties with Greenland.
The Five Eyes Network, comprising of the United States, Canada, Australia, New Zealand and Britain should expand its framework to include “resource intelligence, technical collaboration, major project financing and supply chain integration for minerals and materials critically important to national and economic security”, states the report.
It is only natural for the Five Eyes network to forge closer ties with Greenland given its mining and rare earth potential since two thirds of the 41 licence holders in Greenland’s mining sector have links with Australia, Britain, and Canada.
“Greenland’s vast critical minerals reserves and the sheer number of British, Canadian and Australian companies operating in Greenland make it a new frontier for Five Eyes,” reads the report.
Last month, the Biden’s Administration had said it will review key U.S. supplies, including rare earths, to ensure other countries cannot weaponise them against the United States.
Already, two Australia-based mining companies are racing for approval for creating mines in Greenland, with the U.S. Geological Survey calling Greenland the world’s biggest undeveloped deposits of rare earth metals.
“The UK, Canada and Australia have remained relevant to Greenland over recent decades as home to some of the world’s leading clusters of energy and mining expertise,” said the report.
Incidentally, Dwayne Menezes, who heads the think tank, is also the director of the secretariat of Britain’s all-party parliamentary group for Greenland.