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Greenland’s parliament unanimously passed a resolution instructing its government to draft a law banning deep-sea mining and seabed exploration around the island until at least the end of 2029.
Polish news platform RMF 24 reported that the parliament’s decision, passed on October 15, serves as a legislative mandate rather than an immediate ban.
The formal legal instrument is expected to be adopted during the parliament's spring session in the first half of 2027. The legislation will allow the moratorium to be extended in two-year increments after 2029.
Greenlandic parliamentarians cited the need to protect the island's marine environment and preserve fish welfare. The local economy is heavily dependent on commercial fisheries, and lawmakers concluded that the immediate risk of a damaged fishery outweighed the potential long-term benefits of mining revenue.
The vote also occurred a day after US President Donald Trump posted on the Truth Social platform that "massive oil, gas and mineral exploration" was set to begin on the island.
Trump referred to the territory as "our new and beautiful Greenland," linking the anticipated resource extraction to a trilateral security agreement signed in New York in September between the US, Denmark, and Greenland.
That security arrangement formalized an expanded American military presence on the island while preventing non-NATO adversaries from building installations, following years of diplomatic friction stemming from Trump's repeated suggestions that the US should acquire the autonomous Danish territory.
While Trump touted immediate extraction plans, the Danish Ministry of Foreign Affairs clarified that the security document grants the US no special resource privileges, emphasizing that mineral extraction remains strictly regulated by Greenlandic law.
The territorial government has not issued any new extraction licenses since 2021. Even established operators, such as US-based Greenland Energy, remain stalled as they await final approvals to begin drilling.
Greenland’s broader, land-based resource wealth remains a major strategic focus for Western governments and defense supply chains.
The island hosts some of the world's largest undeveloped critical mineral deposits, including the massive Tanbreez heavy rare earth deposit, which the US views as a crucial lever to counter China's near-monopoly on critical mineral processing.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.