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“We’ve taught young people that any of their missteps or any of their heterodox opinions are grounds to tear them down. That’s no way to grow up.”

That was journalist Rikki Schlott speaking before a sold-out crowd on Monday night at a live taping of The Reason Interview with Nick Gillespie podcast in New York City. Schlott, 23, teamed up with Greg Lukianoff to co-write The Canceling of the American Mind .

Lukianoff, 49, is the president of the Foundation for Individual Rights and Expression (FIRE) and co-author with Jonathan Haidt of the bestselling The Coddling of the American Mind (2018) . Schlott is a fellow at FIRE, a New York Post columnist, and a co-host of the Lost Debate podcast .

Cancel culture, they argue, constitutes a serious threat to free speech and open inquiry in academia and the workplace, and is best understood as a battle for power, status, and dominance.

Watch the video of the full event, and find a condensed transcript below.

Reason: What’s the elevator pitch for this book? Why is it relevant now?

Rikki Schlott: Well, I think it’s twofold. On the first front, people are still saying that cancel culture does not exist, which is absolutely crazy and defies all statistics fundamentally. But also, cancel culture is not just about the people that are torn down, it’s about the epistemic crisis that it creates and the devastation of the body of common knowledge that we all share, and also the undermining of trust between people.

And for me as a young person, the undermining of being able to grow up and have the freedom to fumble and make mistakes as well. So I think it’s important on a ton of different levels.

Reason: What is the working definition of cancel culture?

Greg Lukianoff: Basically, we’re trying to give the historical era that we’re in a name. I’m a First Amendment lawyer. I’m big on the history of freedom of speech. And a lot of what we call mass censorship events have names. So Alien Sedition 1798, the Red Scare One in the 1920s, Red Scare Two, also known as McCarthyism, the Comic Book Scare, etc.

So basically we’re proposing more or less that this be a historical definition of a unique and weird period where there’s been a lot of people losing their jobs because of their opinion. That’s really one of the things we’re trying to show, is that this is on par with any of these previous moments of mass censorship, and actually exceeds them in terms of the numbers of professors fired.

Reason: Can you elaborate more on the number of firings you are referring to?

Lukianoff: So real quick through the stats. Our definition is: the uptick of campaigns beginning around 2014 to get people fired, de-platformed, expelled, and the culture of fear that resulted from that. And I think it’s always important to root numbers in comparisons.

When I started at FIRE, I actually landed in Philadelphia at 9:10 in the morning on 9/11. All of my first cases were involving people who said jerky or insensitive things about the attacks or people who said, “Let’s go get those terrorists.” So it was a bad period for academic freedom. There was a moral panic, and it actually followed the normal M.O. of mass censorship events in history. There was a national security crisis. That’s usually the way it goesit’s either a national security crisis or a large-scale war that you have these mass censorship events. And 17 professors were targeted for being canceled, as we would say, which basically means punished for their speech. There were more students as well, but we were pretty small at the time, so we know that we probably only know a fraction of the students who got in trouble. Three professors were fired. That’s really, really bad historically. All three of those professors, by the way, were justified under things that weren’t related to speech.

For the cancel culture era, we’re talking over 1,000 attempts to get professors fired or punished in some way. About two-thirds of them resulted in someone being punished. About one-fifth of them, so about 200, resulted in them losing their jobs. During McCarthyism, the number of people who lost their jobs due to being a communist is about 63. They count other people who lost their opinions in this massive study that they did right towards the end of McCarthyism, and there were about 90 fired for their opinion overall, which is usually rounded up to 100.

We now think that they’re probably somewhere between 100 and 150 fired from 2014 to mid-last year, July. We know this is a crazy undercount as well. According to our survey, one in six professors say that they’ve either been threatened with investigation or investigated for their academic freedom. That means the numbers are absolutely colossal. Students, about 9 percent of them, say that they’ve actually faced sanctions for their speech. That’s an insanely huge number. And about one-third of professors say that they’ve been told to avoid controversial research. So we know that we’re only seeing a portion of it.

Reason: The first case study in your book is at Hamline University. Can you remind us what happened there and why it exemplifies cancel culture?

Schlott: There was a professor named Erica Lpez Prater who decided to show an image of the prophet Muhammad in one of her courses, which is considered sacrilegious by some people who follow Islam. And so she said in her syllabus that that was going to be in a class. She told people that you could get an excuse from class if it’s untenable for you to see that. She warned them multiple times ahead of time. She gave ample warning in every way, shape, and form, and also just told everyone that, “The only reason I’m showing you this is because there are some sects of Islam that do not find this offensive. This is a piece of art that was commissioned by a Muslim king.”

She ended up being squeezed out of her job for doing that because one student did show up to that class and decided afterward that she was offended. And the president of the university came out and said, “This is beyond freedom of speech, this is just offensive.” And it was a perfect example of cancel culture just defying common sense, defying just pluralism and democracy on a very fundamental level. And so that’s why we decided to call this one out as our opener because pretty much everyone condemned it in the end. It was unbelievable. And Hamline did have to reverse course.

Reason: The happy ending there is that the university president kind of got pushed out. What was the reaction of other academics?

Lukianoff: This was a positive case in the sense that people really came to her defense. The idea that she wasn’t rehired in the face of it is really stunning. Penn America was involved, of course, FIRE was involved, the American Association of University Professors came out and condemned it. So it was a moment of some amount of unanimity, but it somehow wasn’t enough at the same time.

Reason: What role do psychotherapists play in cancel culture?

Lukianoff: This is near and dear to my heart because my experience with Coddling of the American Mind started with me being hospitalized for depression back in the Belmont Center in Philadelphia back in 2007. The idea that you would actually have psychotherapists who think they should intervene if you have wrongthink in your mind when you’re talking one-on-one with them is about as horrifying as I can imagine. It’s no exaggeration to say I’m not sure I’d still be here if I actually had a psychotherapist who corrected me.

As far as a chapter that we could easily expand into its own book, and maybe we should, the psychotherapy stuff scares the living hell out of us. I know we talked to a number of practitioners. In terms of what I’ve heard from the existing clinical psychology programs is that they will pain over the nightmare scenario of, “What if it turns out the person I’m treating is a Trump supporter or a Republican?” And of course, the answer is, “Then you treat them compassionately,” not, “You have to drop out.”

Reason: Rikki, you were coming of age in the era that you guys are writing about. Have you experienced th mindset of “If you are a bad person, you have bad ideas”?

Schlott: Well, for me personally, I was in high school in the lead-up to the 2016 election and we just had a scourge of cancel culture explode even though we were still teenagers. I, at the time, was more worried about boys and acne than Trump, but I saw that en masse scale for the first time. It was really frightening to me. And frankly, as a result, I self-censored for a while, and by the time I got to NYU, I knew I was in an ideological minority as a right-leaning libertarian here in New York City. I actually started hiding books under my bed when I moved in because I was a new freshman and trying to make friends. Thomas Sowell and Jordan Peterson were under the bedbanished.

I think it’s so important to realize that there is a crisis of authenticity with young people who are growing up, who were supposed to explore different ideas and be an anarchist one day and a communist the next day and figure it out in the end, but we’ve taught young people that any of their missteps or any of their heterodox opinions are grounds to tear them down. That’s no way to grow up. You cannot be a young person and grow up in a graceless society.

I think it’s important to realize that there are a whole host of young people who did not come from this squeaky wheel, the tyranny of the minority group of people who do show up in institutions and scare the life out of everyone. But the fact of the matter is, whether it’s young people or American people at large, 80 percent of Americans think political correctness has gone too far. The vast majority of people do not want to live in a world where they’re tripping over tripwires at every turn or censoring their speech or biting their tongue for fear that someone will give them the worst possible interpretation of what they said. This is a tyranny of the minority, and courage is contagious, and there is strength in numbers, and I think that we really can fight back with that knowledge

Reason: Can you explain what the Woodward Report was?

Lukianoff: It was so terrific, and Yale specifically disavowed it in court. The Woodward Report was this wonderful report that came out in the 1970s. It was a stirring defense of the importance of freedom of speech, even for speech that we find deeply offensive. It was supposed to be kind of one of the things that really set Yale apart, and they haven’t been living up to it for a long time. But one thing that was kind of sobering to see is them actually going to court in a case where actually it was more of an attack on the right, that they were in a litigation against this one professor, and they specifically disowned the Woodward Report, basically saying in court that, “That’s just puffery. We didn’t really mean any of that.”

Reason: What is the right wing version of cancel culture?

Schlott: Yeah, actually, it surprises most people to hear that about a third of attempts to get professors censored or fired are coming from the right and are attacks on professors to the left of the students. That tends to happen less in the really shiny institutions that garner the headlines and more at smaller schools, but it’s still meaningful.

There’s intergroup cancel culture in a way that I think is really frightening on the right. We talk about David French, for example, who’s maligned for having some different views about Trump and conservatism. I think, especially in the post-MAGA era, there’s a reflexive response to anyone who might be critical of Trump or to doubt Trump to cancel them or to squeeze them out. We talk about Megyn Kelly as an example of that, who gave me my first job in media, and was squeezed out from the right and then from the lefta demonstration of how one person who is or at the time was in pretty much the center right area could be canceled by both sides.

Reason: Where does right-wing cancel culture come from?

Schlott: I mean, I would say as someone who is right-leaning, and who grew up in a context where I now realize I wrongfully associated illiberalism with liberalism just because of the context of the years that I grew up in. I’ve realized that the left completely left freedom of speech, which used to be a fundamental principle of theirs, up for grabs. And anyone could grab that mantle and say, “Here’s the restorative, pluralistic democratic vision to move forward.” But instead, I think that we’ve seen quite a lot of people on the right just fight illiberalism with illiberalism and fists with fists in a way that is just so infuriating.

Reason: How has cancel culture erupted in the last few weeks in response to the war between Israel and Hamas? Do you think that Harvard students should lose their jobs over their opinions on Israelis and Palestinians?

Lukianoff: It is still cancel culture. I mean just the fact that it’s cancel culture that many people agree with doesn’t make it not cancel culture and I don’t like blacklists. I like to actually deal with people individually, find out what they really think about something, and give the benefit of the doubt.

Now to be clear, do companies have the legal right to hire who they want? Yes, and I oppose laws actually saying that they have to hire, but I do want people to take a deep breath, take some distance and say to themselves, “What if we live in a country where every company was also not just a widget shop, but also a political shop, and the boss’s politics decided who got to keep their job?” And it’s not that fanciful because that’s what it started to look like in 2020 and 2021 where people were getting fired for just having mildly critical Black Lives Matter statements. So I want people to consider what the world would look like if essentially you have a First Amendment, but you can’t have a job if you actually honestly say your political opinion.

I will give one caveat though to the Harvard students. I think that a big part of the problem we have as a country is that we too reflexively hire elite college graduates. I think this creates serious problems. I think you should try to find out when you’re hiring from elite college campuses by asking, “Okay, no, I understand you have a view that I find abhorrent. Can you work with people who disagree with you?”

Reason: Universities love to shoot their mouths off about all kinds of things. In your perfect universe, would universities never talk about anything other than higher education? Is the problem that they’re making too many statements, or that they are not making the right statements, or that they’re just hypocritical?

Lukianoff: In my perfect universe, every university would adopt a 1967 University of Chicago C Report, which is a very strong admonition not to take political positions. We are not the speakers, we are the forum for the speakers and the thinkers, which I think is the right attitude to have about higher education.

Reason: What can we do about cancel culture?

Schlott: Yeah, this is the conclusion of our book where we really make the case that we all need to buy into this free speech culture. That the only way we can supplant cancel culture is by going back to the old idioms that so many Americans were raised with, like, “to each their own.” This is a free country, everyone’s entitled to their own opinion. Because I think we’ve underestimated just how far we’ve drifted away from that. Parents have not realized that they need to be aggressively mindful in instilling those values into a generation of young people who’ve been taught the absolute opposite, whether it was in K-12 or on college campuses, that words can wound and always trust your feelings, and that you can insulate yourself. You need safe spaces and trigger warnings.

We all need to buy-in to fight back against this tyranny of the minority of people who want to tear other people down to exercise cheap ad hominem attacks and dodge actual meaningful conversation. Because that’s the only way, if we actually want to move forward in a diverse and pluralistic society, we need to be able to have civil conversation and dialogue about the touchiest and most contentious issues. And unles we actually, mindfully fight back against cancel culture, we are just going to slump down into dangerous and illiberal tendencies.

This interview has been condensed and edited for style and clarity. Video Editor: Adam Czarnecki

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Business

Nvidia beats expectations again in defiance of AI bubble fears

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Nvidia beats expectations again in defiance of AI bubble fears

The world’s most valuable company has reported another series of expectation-beating results, heading off fears of the AI bubble bursting for now.

Nvidia’s revenue reached $57bn in the three months to October, higher than Wall Street estimates and the company’s own guidance.

That’s up 62% on the same time last year, and has been described by the business as an “outstanding” quarter.

Money blog: Ryanair flights to EU banned in ‘unprecedented’ decision

A profit measure called earnings per share was also better than expected at $1.30.

It matters as Nvidia has powered the artificial intelligence (AI) boom through its computer chips, which are key parts in AI chatbots such as ChatGPT.

More on Artificial Intelligence

Nvidia has major tech companies as clients and acts as a good proxy for whether the tens of billions of dollars invested in AI is paying off.

Its chief executive, Jensen Huang, has been described as the Godfather of AI and watch parties were organised for those looking to follow the Wednesday evening announcement.

The company has been a massive beneficiary of the push to put money into AI, with its share price reaching stratospheric highs.

In October, it became the first worth $5trn (£3.83trn), about the size of the German economy, Europe’s largest, and double the UK’s benchmark stock index, the FTSE 100.

What’s been announced?

Revenue from data centres reached a record high of $51.2bn, more than £10bn higher than the three months previous.

The outlook is for continuing strong sales in the final three months of the financial year, as the company forecasts revenue will be roughly $65bn.

Read more:
Nvidia boss defends against claims of bubble by ‘Big Short’ investor
Inflation slows to 3.6%, but food costs shoot upwards

Demand for Nvidia products continues to surpass expectations, while the business is “still in the early innings” of AI transitions, its chief financial officer Colette Kress said.

Mr Huang said sales of its blackwell chips are “off the charts” and its cloud graphics processing chips (GPUs) are “sold out”.

Why it matters

Developing AI infrastructure, like the construction of data centres, has been a significant contributor to US economic growth, as measured by gross domestic product (GDP).

A faltering of AI expansion, therefore, impacts the US economy, the world’s largest, which in turn affects the UK and global economies.

Anxiety around the massive valuations tech companies have accrued, on the hope of AI revolutionising the world, is likely to be staved off by the results announcement.

A fall in these tech company valuations could have meant a drop in the value of pension pots or savings.

Just seven dominant tech companies, many of which have borrowed to invest in AI, make up more than a quarter of major US stock index, the S&P 500.

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Could the AI bubble burst?

In the last year alone, Nvidia’s share price has risen more than 230%.

Some, including US trader Michael Burry, famous for being played by Christian Bale in the Hollywood film The Big Short, have effectively bet that Nvidia’s share price would fall.

Addressing the topic of an AI bubble, Nvidia’s founder, Mr Huang, said, “From our vantage point, we see something very different”.

What next?

Regardless of the figures released on Wednesday evening, significant market moves were anticipated, given the attention paid to the results and the significance of the company.

Nvidia shares rose as much as 4% in after-hours trading.

The results also boosted the share price of its chip-making competitors like Broadcom and Advanced Micro Devices.

For now, the AI bubble remains intact.

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Technology

‘Robotaxi has reached a tipping point’: Baidu, Nvidia leaders see momentum as competition rises

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‘Robotaxi has reached a tipping point’: Baidu, Nvidia leaders see momentum as competition rises

Chinese tech company Baidu announced Monday it can sell some robotaxi rides without any human staff in the vehicles.

Baidu

BEIJING — Chinese robotaxi companies are expanding abroad at a faster clip than U.S. rivals Waymo and Tesla — at a time when industry leaders say autonomous driving is finally near an inflection point.

“I think robotaxi has reached a tipping point, both here in China and in the U.S.,” Baidu CEO Robin Li said Tuesday on an earnings call, according to a FactSet transcript.

“There are enough people who have [had the] chance to experience driverless rides, and the word of mouth has created positive social media feedback,” he said, noting that the wider public exposure could speed up regulatory approval.

His comments echoed similar notes of optimism in the last few weeks from Nvidia CEO Jensen Huang and Xpeng Co-President Brian Gu — who reversed his previously cautious stance after faster-than-anticipated tech advances. Xpeng is launching robotaxis in the southern Chinese city of Guangzhou next year.

It’s a global market with significant growth potential, likely worth more than $25 billion by 2030, according to Goldman Sachs’ estimates in May.

Baidu to ramp up global exports as robotaxi service grows in China

To seize that opportunity, Chinese companies are aggressively expanding overseas and claim they are close to making robotaxis a viable business, rather than simply burning cash to grab market share.

In the last 18 months, Baidu, Pony.ai and WeRide landed partnerships with Uber that allow users of the ride-hailing app to order a robotaxi in specific locations, starting in the Middle East.

Such tie-ups “will be critical to success” as they enable robotaxi companies to operate more efficiently and reach profitability more quickly, said Counterpoint Senior Analyst Murtuza Ali.

Once we can generate profit for every single car in a second-tier city [like Wuhan] in mainland China, we can generate profits in lots of cities across the world.

Halton Niu

General manager for Apollo Go’s overseas business

Expanding on experience at home

Baidu says that since late last year, its Apollo Go robotaxi unit has reached per-vehicle profitability in Wuhan, where the company has operated over 1,000 vehicles in its largest deployment in China.

That means ridership is enough to offset a Wuhan taxi fare that’s 30% cheaper than in Beijing or Shanghai, and far below prices in the U.S. or Europe. Besides developing autonomous driving systems, Baidu has also produced electrically-powered robotaxi vehicles — without relying on a third-party manufacturer — that are 50% cheaper.

“Once we can generate profit for every single car in a second-tier city [like Wuhan] in mainland China, we can generate profits in lots of cities across the world,” Halton Niu, general manager for Apollo Go’s overseas business, told CNBC.

“Scale matters,” he said. “If you only deploy, for example, 100 to 200 cars in a single city, if you only cover a small area of the city, you can never become profitable.”

How U.S. rivals stack up

Scale remains the dividing line. In the U.S., Alphabet-owned Waymo operates more than 2,500 vehicles and is expanding rapidly from major cities in California to Texas and Florida, with plans to enter London next year, following its first overseas venture in Tokyo.

Tesla sells its electric cars in China, and reportedly showed off its Cybercab in Shanghai this month. But it began testing its robotaxis in Texas only in June, and this week obtained a permit to operate in Arizona.

Amazon’s Zoox is also ramping up its expansion in the U.S., but has not released overseas plans.

The three companies have not disclosed plans to break even on their robotaxis.

Baidu Apollo Go’s Niu did not rule out an expansion into the U.S. But for now, the robotaxi operator plans to enter Europe with trials in parts of Switzerland next month, following their expansion in the Middle East this year.

Abu Dhabi last week gave Apollo Go a permit to charge fares to the public for fully driverless robotaxi rides, which are operated locally under the AutoGo brand, eight months after local trials began in parts of the city.

But Chinese startup WeRide said it received a similar permit on Oct. 31 to charge fares for its fully driverless robotaxi rides in Abu Dhabi, and claimed that removing human staff from the cars would allow it to make a profit on each vehicle.

That puts Pony.ai furthest from profitability among the three major Chinese robotaxi operators. Its CFO Leo Haojun Wang told The Wall Street Journal in mid-September that the company aimed to make a profit on each car by the end of this year or early next year.

Scaling autonomous vehicle technology is key to the future, says Pony.AI CEO

Pony.ai plans to launch a fully autonomous commercial robotaxi business in Dubai in 2026, after receiving a testing permit in late September. The company plans to roll out in Europe in the coming months and has also outlined an expansion into Singapore.

Pony.ai and WeRide are set to release quarterly earnings early next week.

“Currently, companies like Waymo, Baidu, WeRide and Pony.ai are leading in terms of fleet size, which positions them advantageously in the race for profitability,” said Yuqian Ding, head of China Autos Research at HSBC.

Scale and safety

Fleet size is becoming a competitive marker. Pony.ai reportedly said it plans to release 1,000 robotaxis in the Middle East by 2028, while WeRide aims to operate a fleet of 1,000 robotaxis in the region by the end of next year.

Niu said Apollo Go operates around 100 robotaxis in Abu Dhabi and Dubai, and plans to double its vehicle fleet in the next few months.

“Apollo Go has had a head start with significantly more test rides than the other two,” Kai Wang, Asia equity market strategist at Morningstar, said in an email. “The more testing and data you can collect from trips taken, the more likely the AI sensors are able to recognize the objects on the road, which means better safety as well.”

He cautioned that despite some initial progress, the robotaxi race remains uncertain as “no one has truly had mass adoption for their vehicles.”

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Coverage remains limited. Even in China, robotaxis are only allowed to operate in selected zones, though Pony.ai recently became the first to win regulatory approval to operate its robotaxis across all of Shenzhen, dubbed China’s Silicon Valley. In Beijing, self-driving taxis are mostly limited to a suburb called Yizhuang.

Anecdotally, CNBC tests have found Pony.ai offered a smoother ride than Apollo Go, which was prone to hard braking.

As for safety — which is critical for regulatory approval — none of the six operators has reported fatalities or major injuries caused by the robotaxis so far. But Apollo Go and Waymo have begun advertising low airbag deployment rates.

Even if that’s not enough to convince regulators worldwide, Beijing is expected to ramp up support at home.

HSBC’s Ding predicts the number of robotaxis on China’s roads could multiply from a few thousand to tens of thousands between the end of this year and 2026, a shift that would give operators more proof that their model works.

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Environment

A cold gold rush? The race for the Arctic’s critical minerals is heating up

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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.”

Why everyone wants a piece of Greenland

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

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?”

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