Greenland set to chalenge Chinese Technology Monopoly
Posted by Neil Payne on October 5th, 2009An obscure, desolate plateau on the southwestern shores of Greenland could transform the future of consumer technology and shift the balance of power in the global supply of rare earth metals.
Some of the rare minerals found under UV light
The treasure trove beneath the rocks and ice of the Ilimaussaq Intrusion represents the world’s largest known reserve of rare earth metals, the “technology” group of lanthanide elements used in products from mobile phones and low-energy light bulbs to hybrid cars and missile guidance systems.
The find has the potential, its developers claim, to severely dent China’s global monopoly over rare earth production, a 95 per cent dominance of total worldwide output that Beijing has strategically nurtured for 15 years and recently has started to treat as a potent trade weapon.
According to the Australian mining company with rights to develop it, the site could also spectacularly change the national fortunes of Greenland, which is undergoing significant political change as it draws closer to independence from Denmark. From January next year, Greenland will gain full sovereignty over its natural resources. The rare earths alone have the potential to double the country’s effective GDP.
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