Canadian Company Buys Greenland Rare Earth Exploration Rights Against CCP Monopoly

On August 22, Canadian rare earth processor Neo said his company had purchased rare earth exploration rights in Greenland to meet the growing market demand and to end the dependence on Communist China’s rare earth.

 Neo Performance Materials, a Toronto-based rare earth processor, has announced plans to develop the Sarfartoq deposit in southwest Greenland and transfer rare earth ore to its facility in Estonia, Eastern Europe, for processing. This will be one of only two highly processed rare earth operations outside communist China.

 CEO Constantine said he hopes to insulate the company from the volatility of rare earth prices by opening the mine. He said the market could not be left to the mercy of the market. At the same time, Constantine wants EU officials to support the project because it could help the continent become more self-sufficient in rare earths. He warned that cooperation with dictatorial regimes that persecute their own people is unsustainable.

 Rare earth are known to be minerals used in the manufacture of electric cars, wind turbines, electronics, robots, and other machinery. China currently processes about 85% of the world’s rare earths and dominates global rare earth production. The Chinese Communist Party is adept at using restrictions on rare earth exports to blackmail other countries into meeting their unreasonable demands. Rare earth prices have soared in recent years due to strong demand and supply chain influences, which has caused alarm among policymakers in the U.S., Japan, Europe, and other countries, calling their reliance on rare earths from communist China a “national security risk” and striving to diversify supply.