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Greenland, a gold rush funded by US-foreign billionaires

Greenland, a gold rush funded by US-foreign billionaires

in a country Gold Rush Creating a founding myth, it shouldn’t be too surprising that the idea flashed in the minds of wealthy American billionaires who decided to focus on cowboys with their Winchesters. Greenland In search of gold of the third millennium. Let’s talk about Cobalt , which has become critical to the energy transition globally. Thanks to climate change that’s melting huge glaciers, the The largest island on the planet — between Canada, Iceland and the Arctic Ocean — has attracted the attention of the billionaires’ club, which includes Jeff Bezos , Michael Bloomberg And bill Gates , significantly funding an American company that set out to hunt for new treasure. A group of thirty people, including geologists, geophysicists, helicopter pilots, mechanics and cooks, camped in the hills and valleys of Disko Island and the Nusuaq Peninsula, where they believed the West’s green energy: the destination. are deposits rare minerals, Essential to the power of hundreds of millions Electric vehicles And Batteries Energy saving massive.

Challenge to China

The project was funded by California-based mining exploration company American Cobalt Metals. 15 million dollars For research area. “We’re looking for nickel and cobalt deposits that would be the first or second largest in the world,” Cobalt Metals CEO Kurt House told CNN. And hopefully, Bezos, Bloomberg and Gates will have bingo too. The geopolitical interests at stake are enormous. Western governments moving toward a transition to green and renewable energy have long been alarmed by China’s growing control over lithium and cobalt supply chains. The People’s Republic of China has 72% of its cobalt reserves, a rare mineral mainly used in electronics and manufacturing. Batteries for electric cars.

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A monopoly based on substantial ownership of large tracts of mines Congo (producer of up to 62% of world demand), through a refined system – according to international analysts – apparently unrepayable loans to the African country, rights to exploit fields, the presence of Chinese technicians and workers, export controls and maritime transport.

But Beijing is not stopping in Africa: it is exploring a path to diversify the supply chain of the precious mineral, contacting authorities. Jakarta. In recent months, Chinese Huayou Cobalt announced an investment of $1.28 billion to extract cobalt. Indonesia. For its part, by 2030, half of all new vehicles sold will be electric, and the US knows it can’t afford to be left behind in the race, with Greenland giving it a big hand.