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Greenland’s resources face extraction hurdles
Greenland’s resources face extraction hurdles
Houston, 16 January (Argus) — Greenland's natural resources have returned to the fore since US president Donald Trump renewed his interest in acquiring the Danish autonomous territory, but the island's rare earths (REEs) and "critical minerals" will likely remain mostly commercially untapped amid extraction challenges and a lack of commercial viability without significant government financing. Trump recently denied that rare earths and "critical minerals" are a major motive in the push to acquire the territory, stating, "we need Greenland for national security, not minerals". Still, members of his administration have previously noted some interest in its resources, including US ambassador to the United Nations and former national security advisor Mike Waltz, who told Fox News in a January 2025 interview that "this is about critical minerals" in addition to national security when asked about US interest in Greenland. Geopolitical tensions grow Trump's chief policy advisor, Stephen Miller, last week told CNN that the "formal position" of the US government is that it should control Greenland "to protect and defend Nato and Nato interests". The notion was opposed by Europe, causing leaders of six European nations to put their names to a 6 January statement , with Denmark defending the sovereignty of Greenland in the face of US threats. In the following days, Trump said the US aims to acquire Greenland "whether they like it or not", claiming that if the US does not acquire the territory "Russia or China will take over Greenland". US, Danish and Greenlandic officials met in Washington on 14 January, but talks ultimately ended without agreement . "It's clear that the [US] president has this wish of conquering Greenland," Danish foreign minister Lars Lokke Rasmussen told reporters after the meeting. The meeting left both sides "with a fundamental disagreement" about Greenland's future, and "we didn't manage to change the American position", Rasmussen said. Trump's push for the US' acquisition of Greenland now involves tariff threats against countries opposing the move, saying, "I may put a tariff on countries if they don't go along with Greenland, because we need Greenland for national security", during remarks on Friday at an event dedicated to improving healthcare in US rural areas. Known resources and extraction challenges Greenland holds significant reserves of REEs and other "critical minerals", many of which serve essential — and sometimes non-substitutable — roles in various applications across many sectors, including defense, energy and automotive, among many others. The territory holds an estimated 36.1mn metric tonnes (t) of light and heavy rare earths, though only 1.5mn t of resources are proven, according to the Geological Survey of Denmark and Greenland (GEUS) and the US Geological Survey (USGS), respectively. Greenland holds the eighth-largest proven REE resources in the world, according to the USGS. However, Greenland does not actively produce any rare earths. In addition to rare earths, Greenland is also home to a "high" resource potential of molybdenum, graphite, hafnium, niobium, platinum group metals, tantalum and titanium, among others, according to estimates from GEUS. The island holds significant reserves of uranium, though its government banned mining of that element in 2021. Despite the resource quantities, few companies participate in Greenland's mining industry as difficult geological and geographical factors, harsh weather and limited existing infrastructure imply high operational costs, according to GEUS. A few rare earths and "critical minerals" projects are in exploratory phases however, and have received significant interest in government funding to propel production. Current projects US-based Critical Metals owns the Tanbreez project in southern Greenland, which holds an estimated 27pc of global heavy rare earths, according to the company, but the project has yet to achieve commercial production. The company has signed several offtake agreements within the last year, including with REalloys , Ucore Rare Metals and Saudi firm Tariq Abdel Hadi Abdullah Al-Qahtani & Brothers Company. As of Thursday, all of the project's rare earths concentrate production is now slated for offtake under long-term contract agreements, according to Critical Metals. Critical Metals received a letter of interest for $120mn from the US Export-Import Bank for its Tanbreez rare earths project in June, covering studies, pre-production and initial mining. Canadian firm Greenland Resources' was granted a 30-year exploitation permit for molybdenum and magnesium for its Malmberg project in east Greenland in June, but has yet to start commercial production. The company has signed long-term supply agreements from the project with Finland-based stainless steel producer Outokumpu , German metal supplier Hempel Metallurgical and Italian specialty steel manufacturer Cogne Acciai Speciali within the last year. Greenland Resources also has significant funding interest from European government agencies. The European Union said in December it will help fund the molybdenum project , noting the project could quickly deliver on the EU's needs for molybdenum for the defense sector. The project also received support from the European Raw Materials Association in 2022. By Reagan Patrowicz Estimated Contained Resources in Greenland metric tonnes (t) Element Resource Estimates (2023) Antimony 3,780 Chromium 560,000 Copper 108,000 Gallium 152,000 Graphite 6,000,000 Hafnium 108,000 Lithium 235,000 Molybdenum 324,000 Niobium 5,900,000 Platinum Group Metals 576 Rare Earth Elements 36,100,000 Silicon 2,800,000 Tantalum 916,000 Titanium 12,100,000 Tungsten 26,200 Vanadium 179,000 Zirconium 57,100,000 List not indicative of all resources. Totals summed by GEUS from resource estimations of known individual deposits in Greenland. Source: Geological Survey of Denmark and Greenland (GEUS) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
'Plan B' for Trump tariffs involves 10pc duty
'Plan B' for Trump tariffs involves 10pc duty
Washington, 16 January (Argus) — President Donald Trump's administration is prepared to impose a temporary 10pc tax on imports before rolling out more permanent measures in case the US Supreme Court strikes down emergency tariffs imposed in 2025, a senior White House adviser said. "We can put a 10pc tariff right away to make up most of the room, and then use things like the 301 authorities, the 232 authorities, to backfill the things that we've already achieved," White House national economic council director Kevin Hassett told Fox Business Friday. The Supreme Court, in a Friday update on its website, said it may issue a decision on one of its pending cases on 20 January at 10am ET. That will mark the court's next chance to decide on the tariff case since holding oral arguments in early November. The opinion could also be for an unrelated case that is also pending before the high court. Hassett, like other Trump officials, has expressed confidence about the administration's ability to prevail in court while, at the same time, outlining a possible fallback plan in case of legal defeat. The reference to a 10pc tariff is the most explicit confirmation to date of a possible route the administration plans to take if the high court strikes down Trump's tariffs. Hassett likely is referencing a possible invocation of Section 122 of the 1974 Trade Act, which allows the White House to impose tariffs of up to 15pc for a period of 150 days to address a balance of payment issue. But subsequent extensions would require explicit authorization from Congress. The administration likely will use the time period to prioritize the countries and industries it will target with tariffs next. Targeting a specific industry would rely on a "Section 232" authority that allows the Commerce Department or US Trade Representative's office to determine whether imports of a product need to be curbed on national security grounds. A Section 301 investigation would target a specific country on the grounds that it is discriminating against US exports. In both cases, the process leading up to the imposition of tariffs can take months, requires public consultation and allows carveouts for the affected US importers. The future Supreme Court decision will affect Trump's tariffs on Mexico, Canada and China, where he cited an economic emergency created by the three countries' alleged inaction to stop the flow of fentanyl drugs into the US. The Supreme Court will also address Trump's most extensive action — imposing tariffs of 10pc and higher since 5 April on nearly every US trading partner to address the "economic emergency" of persistent US trade deficits. In both cases, Trump cited a 1977 law called the International Emergency Economic Powers Act (IEEPA), which previous presidents only used to impose targeted economic sanctions, to impose tariffs on nearly all US trading partners. The Supreme Court's decision on IEEPA tariffs also would affect the tariffs Trump imposed on imports from Brazil and India, US government lawyers informed the Court of International Trade last week. Trump cited Brazil's alleged suppression of freedom of speech as a reason to impose tariffs. In the case of India, Trump imposed an extra 25pc tariff because of India's purchase of Russian crude. The Supreme Court's decision will not affect tariffs on US imports of steel, aluminum, cars and auto parts, which Trump imposed by citing well-tested legal trade authorities. The money issue One of the issues that prompted even conservative justices to express skepticism about Trump's emergency tariffs during the oral argument in November related to their function in raising government revenue. Government lawyers countered at the time that tariffs were a foreign and economic policy tool for the White House, rather than a tax, which the Constitution says only Congress can impose. The US has collected nearly $260bn in customs duties during the first 11 months of Trump's second term, according to data from the US Treasury Department. Hundreds of companies have already filed lawsuits seeking to recover the tariffs, but Trump warned earlier this week that paying them back could take "years" to figure out. "It would be a complete mess, and almost impossible for our country to pay," Trump said on 12 January via his social media network. "Anybody who says that it can be quickly and easily done would be making a false, inaccurate, or totally misunderstood answer to this very large and complex question." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU coil mills running near full tilt: Navigate
EU coil mills running near full tilt: Navigate
London, 16 January (Argus) — Major European hot-rolled coil producers have increased output markedly since September-October last year and are now running close to full capacity despite weak demand, data from Navigate Commodities show. Tata Steel Ijmuiden has increased its run rate from around 66pc in September 2023 to full utilisation so far this month, Navigate said. Leading producer ArcelorMittal has increased production at its Fos-sur-Mer site in France from 45pc last October to full utilisation today, while its Dunkirk plant is also running at full capacity. German producers ThyssenKrupp and Salzgitter are running at full capacity. ArcelorMittal's Bremen plant has ramped up from 75pc in August to full production today, and its Eisenhuttenstadt plant has increased its run-rate from 64pc in September to 100pc so far this month. Voestalpine's Linz site in Austria is slightly below, at 98.5pc, while Swedish steelmaker SSAB is running its Lulea site in Sweden and Raahe plant in Finland at full capacity. Its Swedish Oxelosund site has minimal production. Italy's only operational integrated producer Arvedi is running at over 97pc capacity, up from 70pc in September. US Steel Kosice in Slovakia is also at its maximum run rates, Navigate said. Mills are responding to a firmer pricing environment: the Argus benchmark north EU HRC index has risen by €52/t since the start of September to €628/t on 15 January, while the Italian index increased by €56.50/t to €638.50/t over the same period. Constrained import supply and a higher floor price for imports because of CBAM costs are driving prices and utilisation. Revisions to the EU steel safeguard could increase demand for EU mills' hot-rolled, cold-rolled and hot-dip-galvanised coil by an incremental 6mn t/yr if the domestic price remains more attractive than imports with safeguard duties, Argus calculations show. A sustained 500,000 t/months increase in EU27 hot metal output typically coincides with a roughly €55-60/t increase in CME EU HRC futures prices 4-5 months later, Navigate said. This could occur under the new safeguard, some sources said. However, some suggest domestic mills could battle for market share as they look to secure some of this additional demand. EU mills would need to pay the full cost of their remaining carbon exposure for additional production not covered by free emissions trading scheme allowances, which would increase the cost of the domestic marginal tonne by around €180/t at current carbon prices. The contango on the futures curve has softened in recent weeks, with spot rises last year outpacing increases on paper. The second-quarter contract traded at €670/t on 15 January, at a premium to the underlying index and just slightly below the third-quarter settlement of €680/t. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico EV sales up 38pc in 2025
Mexico EV sales up 38pc in 2025
Mexico City, 15 January (Argus) — Sales of electric vehicles (EV) and plug-in hybrids (PHEV) in Mexico rose by 38pc to 96,636 units in 2025, although growth showed signs of moderation toward the end of the year, according to EV industry group EMA. The eight automakers reporting to the EMA sold 28,315 EV, PHEV and range-extended electric vehicles in the fourth quarter, up by 15pc from the previous quarter but down 23pc from 36,542 units in the same period of 2024. Within that total, EV sales reached 12,971 units in the fourth quarter, rising by 19pc from the third quarter and up 14pc from a year earlier. Full-year EV sales rose by 39pc to 43,358 units. PHEV sales in the fourth quarter totaled 15,178 units, a 12pc increase from the previous quarter but a sharp 40pc decline from the fourth quarter of 2024. Full-year PHEV sales rose by 38pc to 52,851 last year from 2024. While EV and PHEV sales posted double-digit growth in 2025, this compares with an 84pc increase in 2024. Even so, EMA said adoption continues to advance, with sales by its reporting members accounting for around 6pc of total domestic car sales last year. "We are slowly chipping away and bringing more people to these zero-emission technologies," EMA director Eugenio Grandio told Argus , adding that the figures point to a maturing market. EMA's figures differ sharply from official statistics published by Inegi and industry groups AMIA and AMDA, which reported combined EV and PHEV sales of 34,612 units in 2025, up just 7pc from the previous year. The discrepancy reflects differences in coverage. Inegi tracks only two of the eight automakers included in EMA's data — Volvo and JAC — while EMA also includes Tesla, BYD, Auteco, Changan, Zeekr and Vizeon. Inegi's figures also count two Jeep and Nissan models that "no one in the industry considers true EVs or plug-in hybrids," Grandio said, adding that EMA captures roughly 90pc of EV sales in the market. Production, infrastructure On the production side, automakers assembled 204,711 units of the five EV and hybrid models built in Mexico during 2025, according to Inegi and AMIA data, up 21pc from 2024. Charging infrastructure expanded alongside sales. EMA reported 56,726 charging slots installed nationwide by the end of 2025, a 26pc increase from a year earlier. This included 1,585 public charging centers, 1,664 sites operated by private agencies, 9,178 corporate charging locations and 41,824 residential installations. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.