The American president Donald Trump wants to buy Greenland, an autonomous region within Denmark. The former businessman received zero in the petition, but it is clear what Trump is looking for: 'the Greenlandic promise'.
Although it may take a while, it is likely that large-scale mining and oil extraction will eventually be possible in Greenland, the Brookings Institute thinks.
In a report from 2014, authors from the think tank write about all opportunities for exploiting natural resources on the island.
But until then the promise is great. For example, the government believes that in the future two oil fields can be operated with a size of 2.5 billion barrels of oil. Added together, the value could amount to several tens of billions of euros.
Greenland also has iron ore deposits with hundreds of millions of tons of iron ore. China would be particularly interested in this. China has to import a substantial part of the demand for iron ore for the steel industry.
Electric cars and smartphones
And then there are the rare earth metals, which are usually not that rare. These metals are used in all kinds of products from electric cars to smartphones, but also in strategic technologies.
Greenland would have large quantities of rare metals that could even meet world demand for a few years. A location at Kvanefjeld would even have one of the largest deposits of rare earth metals in the world. Again China comes around the corner. The country dominates the production of rare earth metals.
Add gold, zinc, lead, uranium and even diamonds to locations, and Greenland brings a huge promise when it comes to natural resources.
The big problem now is that the environment is inhospitable. About 80 percent of Greenland is constantly covered by a layer of ice, sometimes huge, and the costs of extracting raw materials are high. Greenland has been on the radar of many companies for some time, but for the time being the really big projects are missing.
But global warming is making it easier to work on the island and rising prices will ultimately make it more attractive to get the resources out of the ground.
Trump's trade conflict with China may play a role in the background. China has been trying to gain a foothold in Greenland.
There is Greenland Minerals, an Australian group with the Chinese Shenghe Resources Holdings as the largest shareholder. Greenland Minerals is the owner of the large Kvanefjeld project and is developing it further.