Trump’s Greenland deal follows US firm’s purchase of rare-earth metals mine
By Geoff Earle
Published Sep. 19, 2026 Updated Sep. 19, 2026, 11:44 a.m. ET
VIDEO
President Trump’s new Greenland security deal comes just 17 days after a US-based company quietly closed a deal to purchase a Greenland mining company that would produce more than a third of the world’s rare earth magnet supply outside of China.
On Sept. 1, Greenland Mines, a NASDAQ listed US-aligned firm headquartered in North Carolina, closed a deal for the Sarfartoq Rare Earths Project in southwest Greenland.
The company announced that it planned to produce NdPr oxide – a compound of neodymium and praseodymium used in the manufacturing of magnets for EVs and wind turbines, as well as defense capabilities.
AFP via Getty Images
It said it planned to produce about one-third of the amount refined globally outside of China, as the US and other world powers position for access to vital rare earth minerals.
The company says the project has an estimated value of $2.05 billion.
The preliminary acquisition of the Sarfartoq Rare Earths Project was first announced in May when it was valued at $35 million, and points to new potential economic ties between the US and Greenland.
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READ MORE: https://nypost.com/2026/09/19/us-news/trumps-new-greenland-pact-follows-new-magnet-mining-deal/
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