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Greenland Mines (Nasdaq: GRML; FSE: HK6) says it welcomes Greenland’s parliamentary approval of a security agreement with the United States and Denmark. The deal expands Washington’s military role in the Arctic territory.
Greenland’s parliament approved the agreement Tuesday in a 16-0 vote, with seven members choosing to abstain. The paperwork was signed by US President Donald Trump, Danish Prime Minister Mette Frederiksen and Greenlandic Prime Minister Jens-Frederik Nielsen in September at the UN General Assembly in New York.
The Center for Strategic and International Studies says the deal opens the door for Washington to establish more military bases in Greenland, while reaffirming Danish sovereignty and Greenland’s right to self-determination.
“Greenland is rapidly becoming one of the most strategically important regions in the world, and this historic vote reinforces its central role in Western security,” said Bo Møller Stensgaard, Greenland Mine’s president. “National security extends beyond military installations to the critical minerals that power modern defense systems and advanced technologies.”
Shares in Greenland Mines dropped 6.46% to $3.91 (C$5.46) apiece Wednesday afternoon in New York.
Sarafartoq & Skaergaard
Greenland Mines’ comments follow its recent exploration licensing and updated technical report for its Sarfartoq and Skaergaard projects respectively.
Located in southwest Greenland, Sarfartoq contains rare earth elements, with the potential to provide 34% of all neodymium and praseodymium oxide currently refined outside China, the company says.
Skaergaard, meanwhile, is a large gold-pallandium-platinum project in southeast Greenland that also contains copper and cobalt.
In October, the US-based company authorized a $20 million share buyback program after its previous $59 million capital raise fully funded its goals through 2027. The program was intended to give Greenland Mines more flexibility as it focused its efforts on Sarafartoq and Skaergaard.
“With our Sarfartoq rare earths and Skaergaard precious metals projects, Greenland Mines is uniquely positioned to help translate this strategic alignment into secure, allied supply chains,” Stensgaard said.