AsianFin -- Greenland on Thursday granted a 30-year mining permit to an EU-backed project focused on extracting molybdenum, a key metal used in aerospace, energy, and defense industries — and one that China recently placed under export restrictions.

The approval marks a significant step in Europe’s efforts to secure critical raw materials amid growing geopolitical tensions.

The Arctic island, rich in untapped mineral resources, has seen increased interest from global powers, particularly after U.S. President Donald Trump floated the idea of purchasing Greenland earlier this year. Mining activity on the island has picked up notably in recent weeks.