A cold gold rush? The race for the Arctic’s critical minerals is heating up
Traditional painted houses overlooking sea ice in the Old Nuuk district near the Sermitsiaq mountain in Nuuk, Greenland, on Thursday, April 3, 2025.
Bloomberg | Bloomberg | Getty Images
A global scramble to exploit the Arctic’s untapped resources appears to be kicking into overdrive.
In a push to break China’s mineral dominance, countries around the world are increasingly turning to the thawing and sparsely populated northern polar region, seeking to seize its raw materials and benefit from new commercial trade routes.
U.S. President Donald Trump, for example, has repeatedly underscored the importance of Greenland, a vast Arctic territory, calling U.S. ownership of the island an “absolute necessity” for economic and national security reasons.
Canada has recently sought to ramp up Arctic investment as part of a push designed to unlock its resource potential, particularly amid strained diplomatic ties with the U.S.
Russia, which has a sprawling Arctic coastline, has long recognized the region as a strategic priority. Indeed, President Vladimir Putin on Tuesday lauded the construction of a new nuclear-powered icebreaker ship to navigate Arctic waters, saying “it’s important to consistently strengthen Russia’s position” in the region.
“The Arctic is seen as a source of a lot of different raw materials, not only oil and gas, but a lot of strategic materials and rare earths,” Marc Lanteigne, associate professor at the Arctic University of Norway in Tromso, told CNBC by telephone.
“Greenland, right now, is a repository of a lot of base metals, precious metals, gem stones, rare earths, uranium … it’s all there. The problem is that up until recently, it was seen as completely unviable to actually mine them,” Lanteigne said.
“But with climate change and the ability to navigate the Arctic Ocean much more frequently, especially during the summer months, Greenland is starting to be looked at much more carefully as a potential alternative source for a lot of these strategic materials to China.”
Greenland has been transformed by the climate crisis. A major analysis of historic satellite images, published last year by researchers at the U.K.’s University of Leeds, showed parts of the autonomous Danish territory’s ice sheet and glaciers have been replaced by wetlands, areas of shrub and barren rock.
For mining companies, the major ice loss has inadvertently made some of the island’s strategic minerals more accessible.
Tony Sage, CEO of Critical Metals, which is developing one of the world’s largest rare earth assets in southern Greenland, said there has been a notable upswing in investor interest in Greenland in recent months, particularly since Trump returned to office and raised the prospect of seizing control of the territory.
“I remember in his first term, in around 2018 and 2019, he made a big song and dance about the strategic value of rare earths in Greenland, so even back then,” Sage told CNBC by telephone.
Perception vs. reality
Alongside Critical Metals, mining and exploration company Amaroq is also working to exploit some of Greenland’s resources. Amaroq CEO Eldur Olafsson said the firm’s recent discovery of high-grade rare earths in southern Greenland “means a lot to us.”
The project, which will take several years to develop, marked the firm’s first foray into the rare earths space as it expands its interests beyond gold and other strategic minerals.
Just one week after unveiling its rare earths discovery, the company on Nov. 11 confirmed commercial levels of germanium and gallium at its west Greenland hub, a development that Olafsson said could prove to be even more strategically significant.
“The germanium, gallium piece is, in my opinion, much bigger news than people understand,” Olafsson told CNBC by video call.
This aerial view shows icebergs floating in the waters beaten down by the sun with buildings in the background off Nuuk, Greenland, on March 11, 2025, on the day of Greenland, the autonomous Danish territory, legislative elections.
Odd Andersen | Afp | Getty Images
Germanium and gallium are essential components to a wide range of goods, from electric vehicles to semiconductors and military applications.
China, which is the primary global producer of these metals, imposed initial export controls on germanium and gallium in 2023, before singling out the U.S. with an outright ban late last year in response to curbs imposed on its chip sector by Washington. Beijing has since suspended its ban of gallium and germanium exports to the U.S., although the metals remain subject to restrictive measures.
“That is a mineral that the U.S. and the European Union need now. The rare earths are being processed by Lynas and MP Materials. That is something that you can access, I wouldn’t say easier, but you can access it … Germanium and gallium, if you don’t have them then that is a massive problem,” Olafsson said.
“We now have a short-term solution in mining terms to mine zinc, lead, silver and germanium and gallium, while we are then developing exporting the rare earths as well.”
Olafsson said it was important for the company to generate cashflow through its portfolio of gold and other strategic metals while it seeks to deliver on its rare earths potential, noting that the rare earths market is still relatively small.
Asked whether the race for the Arctic’s resources could be compared to a gold rush, Lanteigne said: “This is where perception and reality tend to kick in.”
He added: “There has been a lot of discussion about a rush to develop mineral resources in Greenland, for example, but I can say having been there quite a few times that if you are going to set up a mine then you need to bring in literally everything.”
Even in ideal conditions, Lanteigne said logistical challenges, such as Greenland’s harsh climate and remote landscape, means it could take 15 to 20 years before companies start to turn a serious profit.
Arctic Sweden
It’s not just Greenland. The scramble for the Arctic’s minerals includes some of the northernmost areas of Sweden, too.
State-owned mining firm LKAB is currently racing to develop one of Europe’s largest known deposits of rare earths. The discovery of the so-called Per Geijer deposit, which was announced in 2023, sits in close proximity to the firm’s massive iron ore mine in the Arctic city of Kiruna.
Rain falls as a general view taken on August 21, 2025 shows the LKAB iron ore mine and a sign bearing the company’s logo in Kiruna, northern Sweden.
Jonathan Nackstrand | Afp | Getty Images
Niklas Johansson, senior vice president public affairs and external relations at LKAB, said the company is currently in discussion with European lawmakers to ensure that it will be economically viable to develop its resources.
“We’ve already got the material up to the ground. That’s all been paid for by the iron ore. Still, it’s not a given that this is a business case. It looks like it is for us at the moment, but it’s not something that you’d say, ‘oh it’s a no brainer, just run for it,'” Johansson told CNBC by telephone.
“I also tell them that if it looks like this for us, who has most of the infrastructure and everything in place, how do you think it will look for others in Europe?”
Robotaxi network Waymo is continuing the rapid expansion of its test fleet vehicles in new cities around the US as it looks to offer more driverless ride options to the public. The Alphabet Inc. subsidiary announced three new cities where test vehicles will roll out en route to commercial services, marking Waymo’s second expansion announcement in just three days.
As we recently pointed out, 2025 continues to be a pivotal year for autonomous rideshare developer Waymo, as it expands its fleet of test vehicles and public robotaxis to new cities around the US. This week, in particular, has been quite newsworthy, as Waymo has been announcing expansions to new cities around the US.
Today, Waymo’s robotaxi vehicles offer public rides in Atlanta, Austin, Los Angeles, Phoenix, and San Francisco – three of those cities recently gained freeway access. Two days ago, Waymo confirmed the expansion to five additional cities: Miami, Dallas, Houston, San Antonio, and Orlando.
This new confirmed previous reports from Waymo that cities like Miami were in the works. Washington, DC, Nashville, and London have also been previously announced. Today, Waymo confirmed expansion to three more cities, with test vehicles rolling out in those regions immediately.
Waymo to quadruple the cities its vehicles are available
Waymo posted three “new city alerts” on its website this morning, confirming plans to roll out robotaxi vehicles in Minneapolis, Minnesota, New Orleans, Louisiana, and Tampa, Florida. As it has with all the cities mentioned above, Waymo is laying the initial groundwork in new areas, such as NOLA, to “integrate seamlessly with the community and alongside existing transportation options.”
The recently announced rollout will follow the same phased approach used to achieve public robotaxi rides in the five cities where Waymo currently operates, beginning with manual drivers in its test fleet. Those Waymo vehicles currently consist of Jaguar I-Pace SUVs and the Zeekr RT – a purpose-built EV for the company.
According to the company, those test vehicles can be spotted on new city streets immediately, especially ahead of winter in Minneapolis, for example, so that the Waymo team can test its technology in snow conditions. Here’s a breakdown of Waymo’s current and pending robotaxi network:
- Waymo Cities With Public Robotaxi Operations:
- Atlanta
- Austin
- Los Angeles
- Phoenix
- San Francisco
- Cities With Plans For Future Waymo Operations:
- Dallas
- Denver
- Detroit
- Houston
- Las Vegas
- London
- Miami
- Minneapolis
- Nashville
- New Orleans
- Orlando
- San Antonio
- San Diego
- Seattle
- Tampa
- Tokyo
- Washington, DC
According to Waymo, more cities will be announced as the company intends to more than quadruple the number of cities where its robotaxi vehicles are available to the public.
FTC: We use income earning auto affiliate links. More.
Environment
Kia’s first electric van snags a historic win, claiming 2026 International Van of the Year
The PV5, Kia’s first 100% electric van, was unanimously chosen as the 2026 International Van of the Year, becoming the first Korean model to win the prestigious award.
The Kia PV5 wins International Van of the Year
Kia’s electric van continues to impress. After its debut earlier this year, the PV5 was named International Van of the Year at SOLUTRANS 2025 in Lyon, France.
The PV5 beat out six other finalists and was unanimously selected by 26 leading commercial journalists for the most authoritative global award in the light commercial vehicle (LCV) segment.
To have the PV5 named International Van of the Year is “an exceptional honor,” Kia’s CEO Ho Sung Song said after winning the award.
The accomplishment is not only a testament to the potential of fully electric vehicles in the commercial space, but also Kia’s belief that it can “redefine the segment,” according to Song.
Kia’s electric van is now the first Korean vehicle, and Asia’s first electric van, to win the award. The PV5 is Kia’s first fully electric van as part of its new Platform Beyond Vehicle (PBV) business.
Earlier this week, Kia introduced a new Chassis Cab variant at SOLUTRANS 2025, adding to the Passenger 5-seater and Cargo Long models that are rolling out across Europe and South Korea. Starting in 2026, Kia plans to launch the Chassis Cab, Cargo Standard (L1H1), and High Roof (L2H2) variants. However, that’s just the start.
Kia revealed seven different PV5 body types during a tech day event in July, including a light camper, a refrigerated truck, a luxury “Prime” passenger, an open-bed version, and several others.
In 2027, Kia will expand with a larger PV7 van, followed by an even bigger PV9. All electric vans are based on the modular E-GMP.S platform, which enables different variants.
The PV5 Cargo Long Range set a new Guinness World Record for the “greatest distance travelled by a light-duty battery-powered electric van with maximum payload on a single charge” in September.
Powered by a 71.2 kWh battery with 665 kg (1,466 lbs) payload, the PV5 drove 693.38 km (430.84 miles) without stopping to charge.
All electric vans are built at Kia’s dedicated Hwaseong EVO plant in South Korea. Last week, the company marked a milestone after opening the first PV5 production hub at the site. Once complete, the hub will be about the size of 42 soccer fields with an annual production capacity of 250,000 units.
FTC: We use income earning auto affiliate links. More.
Pedego, one of the most recognizable names from the early days of American e-bike brands, is entering a new era. The company has been acquired by the “US-based” ownership group behind the Asian e-bike brand Urtopia, a relatively young, tech-forward electric bike brand known for carbon fiber e-bikes with built-in connectivity and smart features. The result is a newly formed New Pedego Holdings Inc., which both companies are pitching not as a takeover, but as a reboot designed to modernize Pedego and rebuild the dealer network that once made it a retail powerhouse.
The new entity will be led by Pedego CEO Larry Pizzi, an industry veteran and longtime advocate for e-bike legislation. Pizzi says the partnership grew out of something very simple: Pedego dealers were already selling Urtopia bikes – and the company claims they were selling well. As he told BRAIN, “Fifty-eight dealers took on Urtopia and it was like magic,” noting that the sleeker, more futuristic Urtopia models pulled in a distinctly younger audience than Pedego’s traditional comfort-cruiser demographic that has long been popular with the more silver-haired crowd.
That complementary fit paved the way for a broader deal. Verlinvest, the Belgian investment group that bought Pedego in 2021, had already signaled its desire to exit earlier this year.
Pizzi spent months searching for a buyer before selecting Urtopia’s backers, calling the partnership a way to combine Pedego’s community-focused retail model with Urtopia’s engineering and manufacturing strengths.
According to the official announcement, Pedego gains access to Urtopia’s supply chain, lean manufacturing processes, and smart-bike technology – all of which the company says will significantly reduce production costs and bring a wave of new, lighter, more connected models starting in Spring 2026. The two brands will continue to operate distinctly, with Pedego stores selling Pedego bikes, Urtopia bikes, and a small number of approved third-party brands. Urtopia will keep selling online and through independent retailers in the US and Europe.
But one of the biggest storylines is dealer expansion. Pedego peaked at around 220 dedicated stores during the pandemic before shrinking to around 120 today. New Pedego Holdings plans to rebuild aggressively, forecasting a return to growth in 2026 with a goal of more than 500 US and Canadian retail locations within three years – a massive ramp-up that would reestablish Pedego as the largest dedicated e-bike retail network in North America.
Pedego hasn’t launched a new model in over a year and a half, but that drought is expected to end next year. If the Urtopia partnership delivers the innovation and efficiency the company promises, Pedego could be gearing up for one of the biggest comebacks in the e-bike industry. If not, this could be another Hail Mary to cap off a year of stunning falls from grace.
FTC: We use income earning auto affiliate links. More.
-
Sports2 years agoStory injured on diving stop, exits Red Sox game
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports3 years agoButton battles heat exhaustion in NASCAR debut
-
Sports3 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment1 year agoHere are the best electric bikes you can buy at every price level in October 2024