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Trump Is Eyeing Greenland. His Commerce Nominee Has Financial Ties There.


As President Trump argues the acquisition of Greenland is essential to the financial safety of the United States, he’s flanked by rich traders who’ve eyed the island as a probably profitable venue for mining metals and minerals.

Among them is his commerce secretary nominee, Howard Lutnick, who has a monetary stake within the island’s mining promise by means of an funding his monetary agency, Cantor Fitzgerald, holds in an organization referred to as Critical Metals Corp., securities filings present. Critical Metals plans to begin the mining course of as quickly as 2026, in line with firm executives.

Mr. Lutnick, whose Senate affirmation listening to is scheduled for Wednesday, plans to resign as chief government Cantor Fitzgerald, a privately held agency, if confirmed. His pursuits within the agency could be offered off inside 90 days of his affirmation, in line with his authorities ethics settlement, and through that interval he wouldn’t take part in any matter that has a “direct and predictable impact” on the agency until he obtained a waiver that allowed him to take action.

As head of the Commerce Department, which promotes the pursuits of U.S. companies overseas, Mr. Lutnick would oversee all tariff and commerce coverage, Mr. Trump has stated. That might embrace Greenland, if the president’s efforts to increase the nation’s position on the island are profitable.

It stays to be seen whether or not Mr. Lutnick would recuse himself fully from coverage points associated to Greenland. Neither he nor the White House responded to requests for remark.

American affect on Greenland, an autonomous Danish territory, may benefit miners there, probably enriching traders in Critical Metals and, in flip, Mr. Lutnick’s former enterprise companions at Cantor Fitzgerald, which he ran for greater than 30 years.

Critical Metals has been pushing for U.S. authorities financing for its mission since final fall, however was instructed to shelve its request till the brand new administration arrived in Washington, in line with Tony Sage, its chief government. Mr. Sage stated he regarded Mr. Lutnick and his agency as a doable conduit for dialogue of future funding by the U.S. authorities.

“They might” be helpful, Mr. Sage stated, including, “Having an investor, already, does assist.”

Mr. Lutnick is one in all a number of supporters of Mr. Trump who’ve ties to investments in Greenland and may very well be in place to form the president’s pondering on the topic.

That circle consists of the Silicon Valley investor Marc Andreessen, the tech entrepreneur Sam Altman and the Amazon founder Jeff Bezos. Either as people or by means of their firms, all three have donated both to Mr. Trump’s re-election efforts or his inaugural committee. Through their enterprise capital companies, all three are additionally traders in KoBold Metals, a privately held firm primarily based in Berkeley, Calif., that has explored for minerals and metals in Greenland.

A spokeswoman for Mr. Andreessen’s enterprise capital agency declined to remark. Mr. Altman and a spokesman for Mr. Bezos didn’t reply to requests for remark.

A spokesman for KoBold Metals declined to say whether or not the agency, which surveyed Disko Island off the west coast of Greenland for mining alternatives in 2022, was prone to do enterprise there sooner or later.

Greenland’s glaciers, freezing climate and paucity of roads and different infrastructure have lengthy made it a troublesome setting for funding. Some mining executives and traders consider that an enhanced association with the United States may benefit U.S. nationwide safety and create financial alternatives for each side.

“I believe it may very well be a win-win for the U.S. and for Greenland, no matter the way it finally ends up, whether or not it’s only a nearer working relationship or whether or not we offer protection or one thing to Greenland,” stated Peter Leidel, whose private-equity agency, Yorktown Partners, holds a controlling stake in a mining mission there.

The thought of buying Greenland has been a interest horse for Mr. Trump for a few years. During his first time period, he framed it as a possibility to increase the United States’ international footprint, and in 2019 he even privately floated the potential for buying and selling Puerto Rico, a U.S. territory, for Greenland, in line with Peter Baker and Susan Glasser’s guide “The Divider.” But his hopes fizzled amid objections from Denmark, the U.S. ally that oversees Greenland, and a few of Mr. Trump’s advisers dismissed the thought as divisive and outlandish, in line with the guide.

Under former President Joseph R. Biden Jr., the United States continued pushing for enhanced involvement in Greenland, albeit extra quietly. State Department officers traveled to the island final yr to debate its pure assets, and the U.S. Export-Import Bank expressed curiosity in financing a graphite mining mission operated by a British firm. Mining executives stated additionally they hoped that Mr. Biden’s push for clear power may profit their rare-earth mining efforts, on condition that uncommon earths are important parts in electrical autos, wind generators and photo voltaic panels.

Undercutting China’s dominance in uncommon earths mining was additionally a part of Biden administration’s calculus, mining executives recalled. “They made very clear that they want this materials to go to the U.S.,” stated Greg Barnes, who spoke to U.S. officers earlier than promoting his stake within the Tanbreez rare-earths mine in southern Greenland to Critical Metals, the New York-based firm by which Cantor Fitzgerald is invested, final summer time. That concern over Chinese involvement is sort of sure to loom even bigger beneath Mr. Trump, who has lengthy forged China as a malign affect in U.S. and international affairs.

Greenland acquired little or no airtime throughout Mr. Trump’s 2024 marketing campaign. But on Dec. 22, as he introduced Ken Howery as his selection for U.S. ambassador to Denmark on his social media web site, Mr. Trump referred to as “possession and management” of the island “an absolute necessity.” In different posts and feedback that adopted, he described Greenland as essential to U.S. nationwide safety.

Denmark has up to now resisted the thought of a sale. But its efforts to seek out advocates in Washington have up to now foundered. Meanwhile, Mr. Trump’s oldest son, Donald Trump Jr., undertook a short good will tour round Greenland this month. And the elder Mr. Trump has refused to rule out the thought of taking Greenland by power.

In interviews, mining executives and traders in Greenland stated they weren’t banking on any specific final result to Mr. Trump’s push for the island. But most of them stated the extent of curiosity the trans-Atlantic debate had stirred, and the assets it might draw to Greenland’s mining alternatives, was a internet optimistic.

“The Trump presidency, I believe, enhances our little funding,” stated Mr. Leidel, the Yorktown Partners investor, who donated $315,000 to Mr. Trump’s re-election efforts, in line with federal information. He stated that his donation was motivated by a want for the United States “to do effectively,” and never by any expectations round mining in Greenland.

Kitty Bennett contributed analysis.

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Written by EGN NEWS DESK

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