Global market developments are even less favorable in the short term for commercial production of offshore oil. Commercial oil production will not occur for at least another decade.We do believe however that eventually large-scale mining will take place in Greenland.Р”Р‡igure: Areas of Hydrocarbon Development, as Licensed by Greenland By now, prices have receded for most commodities, and we believe that because of the slowdown in investments in new mining activities, it is less certain that Greenland will be able to get major mining projects off the ground on the ambitious schedule that it announced in its mineral and energy resource strategy in 2014. These prices were driven to a significant extent by surging demand for commodities from China and from economic stimulus packages put in place after the global financial crisis. The first years of the system of the autonomous self-rule government, which became effective in June 2009 after a referendum held the previous year, coincided with sky-rocketing global commodity prices.

Eventually, large-scale mining will take place in Greenland.This report assesses the promises and pitfalls of resource extraction in Greenland, and puts the ambitions of the current Greenland government to the test.

This will be no easy task, and it is made more difficult by GreenlandРІР‚в„ўs rapidly aging population. The political establishment in Greenland has made natural resource extraction a central part of its plans to become economically self-sufficient, and ultimately politically independent, from the Kingdom of Denmark. As the Arctic ice continues to melt due to global warming, GreenlandРІР‚в„ўs mineral and energy resources РІР‚вЂњ including iron ore, lead, zinc, diamonds, gold, rare earth elements, uranium and oil РІР‚вЂњ are becoming more accessible.

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