Gold Rush Unfolds in the Arctic: Countries Compete for Local Critical Minerals

As global competition for resource security intensifies, a “gold rush” surrounding critical minerals is heating up in the frigid Arctic.

Major nations and mining companies are accelerating their entry into the Arctic, aiming to exploit the region’s abundant critical mineral resources. According to a recent CNBC report, the latest development comes from Greenland. On November 11, mining company Amaroq confirmed the discovery of commercially viable germanium and gallium at its West Greenland project. These two metals are key materials for semiconductors and military applications. The move is seen as having significant strategic implications for Western countries seeking to diversify their supply chains.

Amaroq CEO Eldur Olafsson stated that the discovery of germanium and gallium could be “even more significant” than rare earth elements, due to urgent demand from the US and Europe. Meanwhile, countries such as the United States and Russia are also emphasizing the strategic importance of the Arctic.

Greenland: New Opportunities Beneath Melting Ice

Climate change has caused ice caps to melt, inadvertently opening the door for mineral extraction.

Marc Lanteigne, Associate Professor at the Arctic University of Norway, pointed out that Greenland holds abundant resources of base metals, precious metals, rare earth elements, and uranium. Tony Sage, CEO of Critical Metals, also noted that investor interest has risen significantly since Trump returned to the political stage and once again highlighted Greenland’s strategic value.

Of all the minerals, the discovery of germanium and gallium is particularly noteworthy. Eldur Olafsson stated that, compared to rare earths—which already have other processing channels—the disruption of germanium and gallium supplies is a “huge problem” for the US and Europe. Amaroq’s strategy is to generate cash flow by mining zinc, lead, and other metals, to support long-term development of rare earth elements and these key strategic metals.

Practical Challenges: Not a “Sure Win” Business

However, behind the Arctic “gold rush” lies harsh reality. Marc Lanteigne warned that establishing a mine in Greenland requires “bringing in everything,” making logistics extremely challenging.

He predicted that even under ideal conditions, companies would need 15 to 20 years before beginning to see significant profits. Likewise, in northern Sweden, state-owned mining company LKAB possesses one of Europe’s largest rare earth deposits, but executive Niklas Johansson admitted that, even with existing infrastructure, the project is not an “obvious” commercial case; its economic viability still needs to be assessed in cooperation with regulatory authorities.

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