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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Not a time effort, money that's been put into this strip.

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Speaker 3: Like my thought is getting anything is better than nothing.

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Speaker 4: That's Drew Horn. He's the founder and CEO of a

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Speaker 4: company called green met. He was talking to my colleague

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Speaker 4: Joe Doe earlier this spring as the two of them

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Speaker 4: were getting ready to make a site visit. But this

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Speaker 4: was not your typical site visit. I confess I have

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Speaker 4: never been, and I'm genuinely curious what it takes to

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Speaker 4: get there.

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Speaker 1: For the most part, it is you fly out of

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Speaker 1: Newark or JFK, you fly to Copenhagen, and then you

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Speaker 1: have to spend a day in Copenhagen because there's only

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Speaker 1: one direct flight to day from Copenhagen to Nook, the capitol,

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Speaker 1: the capital of Greenland, Greenland.

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Speaker 4: Joe and Drew were going there to check out what

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Speaker 4: could become a new mine that Drew was hoping the

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Speaker 4: Trumpet ben Is might invest in.

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Speaker 1: Drew Horn during the first administration was a part of

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Speaker 1: the team that we're supposed to focus on Greenland. So

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Speaker 1: Drew's been to Greenland like a half dozen or a

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Speaker 1: dozen times in his life.

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Speaker 4: Greenland as we've established is not easy to get to.

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Speaker 4: It's part of the Kingdom of Denmark, but it's north

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Speaker 4: of well, pretty much everything. It's east of the easternmost

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Speaker 4: part of Canada and west of Iceland. Most of Greenland

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Speaker 4: is covered with snow year round, and so after an

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Speaker 4: arduous forty eight hour journey to Nook, to Greenland's capital,

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Speaker 4: Jode and Drew Horn started their next leg to a

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Speaker 4: place called tan Breeze, named for some of the rare

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Speaker 4: earth elements it contains, tantalem niobium and zirconium.

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Speaker 1: Tan Breeze is a piece of mountain. It is fairly

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Speaker 1: widely accepted by geologists to be an incredible deposit of

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Speaker 1: rare earths if you can figure out how to get

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Speaker 1: it out of the ground and process it.

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Speaker 4: Those rare earths are crucial to manufacturing automobiles, airplanes, defense technology,

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Speaker 4: and wind turbines. China is the number one source of

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Speaker 4: viable rare earth minerals in the world, and that's raised

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Speaker 4: national security concerns. For years. President Trump was eyeing Greenland

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Speaker 4: during his first term.

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Speaker 3: President Trump has been considering the idea of buying Greenland. Essentially,

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Speaker 3: it's a large real estate deal, a lot of things

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Speaker 3: could be done.

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Speaker 4: And since Trump returned to office, as the trade war

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Speaker 4: with China has escalated and because of Russi's aggression in Europe,

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Speaker 4: President Trump's interest in Greenland has intensified.

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Speaker 3: We need Greenland very importantly for international security. We have

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Speaker 3: to have Greenland.

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Speaker 1: It's not a question of do you think we can

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Speaker 1: do without it.

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Speaker 4: Trump said he wanted the United States to take over

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Speaker 4: Greenland and that he won't rule out the use of

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Speaker 4: military force to do it.

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Speaker 1: The people around the president see the potential of more fisheries,

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Speaker 1: they see the potential of mineral resources, they see the

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Speaker 1: potential of power, hydro electric power. So I think they

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Speaker 1: look at all of that and say, you have a

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Speaker 1: robust commercial industry that you're starting to build out while

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Speaker 1: also using that business partnership to fulfill the actual national

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Speaker 1: security issues that you want to address.

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Speaker 4: And I think we're going to get it.

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Speaker 2: One way or the other.

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Speaker 4: We're going to get it. But Greenland is not up

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Speaker 4: for grabs. And harvesting rare earth minerals there is extraordinarily difficult.

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Speaker 4: Just getting to the tanbreeze site proved almost impossible. Drew

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Speaker 4: and Joe were on a tight deadline. They flew into

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Speaker 4: Greenland on May first, and Drew was due at mar

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Speaker 4: A Lago about a week later. But when they landed

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Speaker 4: in southern Greenland en route to Tanbreeze, a dense fog rolled.

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Speaker 1: In and our helicopter pilot, this French pilot came to

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Speaker 1: us first thing in the morning that we're supposed to

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Speaker 1: go and said all flights have been canceled in and

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Speaker 1: out of the region and so we're not flying. Oh,

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Speaker 1: that's a part of the game in flying in Greenland,

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Speaker 1: decision making because you don't want to be stuck out there.

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Speaker 4: I'm David Gerrett and this is the big take from

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Speaker 4: Bloomberg News today. On the show, the Trump administration has

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Speaker 4: big ambitions for Greenland, but what would it take to

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Speaker 4: achieve them and what does Greenland have to say about it.

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Speaker 4: Jo Doe has spent years covering medals for Bloomberg. Now

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Speaker 4: his beat is economic state craft, and he's been following

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Speaker 4: the growing interest in rare earth minerals closely.

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Speaker 1: If you look at any electric engine in an automobile

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Speaker 1: or a wind turbine, you need permanent magnets to keep

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Speaker 1: the propeller or whatever it is the moving parts to

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Speaker 1: keep going in perpetuity.

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Speaker 4: The rare earth minerals inside those magnets make them strong

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Speaker 4: and durable.

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Speaker 1: They can withstand very high heat, and so that's why

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Speaker 1: they've always been critically important to the Defense Department, but

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Speaker 1: are now becoming increasingly critical to data centers and artificial intelligence.

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Speaker 4: Two years ago, China announced it would be limiting exports

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Speaker 4: of certain elements that are used in things like electric

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Speaker 4: vehicles and fiber optic cables, and in April, in response

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Speaker 4: to Trump's Liberation Day tariffs, the country restricted the export

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Speaker 4: of several more rare earths, plus the actual magnets themselves.

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Speaker 4: All this sent shockwaves across the US because America and

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Speaker 4: the rest of the world rely on China for seventy

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Speaker 4: percent of the world's rare earth supply. In the scramble

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Speaker 4: to find these minerals elsewhere, one place quickly came to mind. Greenland.

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Speaker 1: Not a lot of people live there, and not a

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Speaker 1: lot of people have visited there, but there's a very

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Speaker 1: good understanding mapping of the geology of the island.

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Speaker 4: As it turns out, that island of fifty six thousand

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Speaker 4: residents is also home to large untapped mineral reserves, gold, diamonds, uranium,

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Speaker 4: and rare earth metals. These natural resources buried under layers

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Speaker 4: of ice now stand to become more accessible due to

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Speaker 4: climate change. And that's where Drew Horn comes in. Drew

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Speaker 4: doesn't own the mind, but he's hoping to be a

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Speaker 4: sort of middleman, someone who can help stand up the

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Speaker 4: mining operation and keep the Trump administration's big picture vision

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Speaker 4: in focus.

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Speaker 2: A lot of times it's not understood that this isn't

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Speaker 2: just like aerospace in space, like these materials like germanium,

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Speaker 2: for example, it's essential for our entire ground defenses as

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Speaker 2: well too.

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Speaker 4: Before Drew founded the Green met Minerals Company, he rose

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Speaker 4: up through the ranks of the military. He served in

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Speaker 4: the US Army Special Forces and then spent time working

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Speaker 4: in the Departments of Energy and Defense during President Trump's

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Speaker 4: first term. During that time, he learned a lot about Greenland.

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Speaker 1: I mean, I got to Greenland with him and he

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Speaker 1: goes cool. I know that first place we're going to

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Speaker 1: have dinner at, and throughout the trip he would constantly

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Speaker 1: order like the thing on the menu that you probably

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Speaker 1: wouldn't order. We got sushi, and part of the sushi

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Speaker 1: were whale and whale skin and he's like, oh, I

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Speaker 1: love it.

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Speaker 4: Drew's company, green Mett focuses on commodities and minerals.

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Speaker 1: He understood that he could leverage his contacts at the

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Speaker 1: DOE and the DoD to marry investors and projects with

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Speaker 1: potential government help. And he knows how Washington operates, and

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Speaker 1: he's friends with Republicans and Democrats in Washington. He understands

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Speaker 1: Trump World very well. Do you think Trump would care

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Speaker 1: if there wasn't a defense aspect of this.

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Speaker 2: Ah, he might care. I don't know if he'd prioritize

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Speaker 2: it as much. When you have that sort of dual focus,

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Speaker 2: that's generally what brings his foreign policy and funding mechanisms

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Speaker 2: combined together in a way that moves the needle.

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Speaker 4: Indeed, the president's current interest in Greenland does stand beyond

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Speaker 4: rare earths. As ice sheets melt the Arctic Sea around

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Speaker 4: it could become a busier shipping route and a national

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Speaker 4: security interest for the US. America's competitors see that too.

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Speaker 4: Russia has increased its military presence in the Arctic in

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Speaker 4: recent months, and China has also tried to gain a

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Speaker 4: foothold there.

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Speaker 2: It's also where we fly the missiles over if there

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Speaker 2: is a global escalation on the nuclear scale.

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Speaker 4: Despite these arguments in favor of expanding America's presence in Greenland, though,

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Speaker 4: Drew can see that the road ahead will not be easy,

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Speaker 4: and on his trip with Joe, he was running into

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Speaker 4: one of the biggest hurdles of getting a commercial venture going.

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Speaker 4: That's just getting to the mine itself.

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Speaker 2: So if you're an investor right now and then you

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Speaker 2: potentially couldn't get out to see the site because we're

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Speaker 2: waiting on fogs and you're hearing the stories about you know,

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Speaker 2: how this happens all the time. Usually that's enough for

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Speaker 2: people to walk away and remember come in the first place.

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Speaker 4: But Drew wasn't going to walk away that easily. When

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Speaker 4: the pilots said they'd have to scrap their plan to

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Speaker 4: do a flyover, he and Joe tried to get creative.

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Speaker 1: We're gonna talk to talk to the boat guys if

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Speaker 1: there's an option to first starting today, we spent the

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Speaker 1: whole day trying to get a small fishing boat to

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Speaker 1: take us around to where the tanbreeze site was. It

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Speaker 1: sounded like a great idea. Is the boat even navigate

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Speaker 1: like I don't know like this is a serious question,

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Speaker 1: like with this kind of fun until the owner of

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Speaker 1: the tour ships called up his guy in the fjord

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Speaker 1: where we needed to go, which was a two hour

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Speaker 1: boat right away, and his guy said, well, the fjord

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Speaker 1: still frozen in, so even if you got on the boat,

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Speaker 1: we'd never be able to get anywhere close to the site.

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Speaker 4: While they waited, unable to get to Tan Breeze, Joe

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Speaker 4: and Drew took an impromptu boat ride along the coastline

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Speaker 4: of one of Greenland's other fjords.

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Speaker 2: This master, he is all utilite, and you can access

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Speaker 2: it right from the water.

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Speaker 4: A lot of there, they could see with their his

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Speaker 4: own eyes, tons and tons of valuable minerals like utiolite,

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Speaker 4: which contains zirconium, a metal used in nuclear reactors and

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Speaker 4: jet engines.

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Speaker 2: If you're thinking about this from like just a claimants

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Speaker 2: knuckle dragging procycled like mine, you see that read there,

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Speaker 2: that's like pure paid, that's pure heavy rarer.

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Speaker 4: Or But for the Trump administration to turn those minerals

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Speaker 4: into something usable, or to establish a larger US presence

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Speaker 4: in Greenland, it's up against challenges far more daunting than

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Speaker 4: the weather. That's after the break.

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Speaker 3: So people are going to have it, and I think

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Speaker 3: the people want to be with US.

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Speaker 4: President Trump has spoken confidently about the relationship he wants

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Speaker 4: the United States to have with Greenland.

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Speaker 3: Says, you know this, they pick five there, they want

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Speaker 3: to be with us.

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Speaker 4: He's talked about buying it or taking it by force,

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Speaker 4: but in any case, he wants Greenland to become part

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Speaker 4: of the US.

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Speaker 3: I don't know really what claimed Denmark, as it would

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Speaker 3: be a very unfriendly actor. They didn't allow that to happen.

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Speaker 4: Denmark does have a claim to Greenland because the island

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Speaker 4: is part of the Kingdom of Denmark. It's a self

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Speaker 4: governing territory with its own parliament and prime minister, but

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Speaker 4: Denmark is still in charge of the island's foreign affairs

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Speaker 4: and defense that is part of Denmark. Greenland is also

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Speaker 4: a member of NATO, which means the US has had

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Speaker 4: a military presence there for decades. When Joe was in Greenland,

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Speaker 4: he had a chance to ask a few Greenlanders how

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Speaker 4: they react to President Trump's rhetoric. What did they tell

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Speaker 4: you about what they've heard from the president.

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Speaker 1: Yeah, they don't like that. A number of the people said, yeah,

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Speaker 1: we don't want to be owned by the United States.

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Speaker 1: We don't even like the rhetoric of the president, the

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Speaker 1: way he's kind of saying things. And a number of

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Speaker 1: these people said, I like Donald Trump or I like

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Speaker 1: the US, I just don't like the rhetoric that he's using.

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Speaker 1: And you know, it kind of makes sense, right, Like

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Speaker 1: you know if you suddenly heard the Prime Minister of

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Speaker 1: Canada saying the United States we should probably own the

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Speaker 1: entire northeast or whatever it is, but you probably wouldn't

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Speaker 1: take it.

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Speaker 3: Well.

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Speaker 1: Greenlanders on the whole, they don't want to be taken over.

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Speaker 1: They certainly don't want any sort of military intervention. And

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Speaker 1: to another point, there is a movement of folks who

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Speaker 1: want independence in Greenland right now. All the major parties

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Speaker 1: say at some point they want true independence. So the

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Speaker 1: idea that oh, well, the United States can come and

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Speaker 1: take you over, to many of them, is not that

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Speaker 1: different than their current situation that they want out of.

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Speaker 4: Kuno Fenker, who's a member of Greenland's parliament and vice

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Speaker 4: chairman of the Legal Affairs Committee, summed it up in February.

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Speaker 2: Your count purchase Greenland all rights yourself at a determination

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Speaker 2: as non negotiabook.

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Speaker 4: Tensions have only heated up. In March, Vice President JD.

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Speaker 4: Vance was scheduled to visit Greenland on what was initially

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Speaker 4: framed as a family excursion, but protesters there question the

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Speaker 4: true nature of the visit when it turned into a

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Speaker 4: sizable US delegation and ultimately the trip got scaled back

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Speaker 4: from a multi city visit to a shorter targeted trip

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Speaker 4: to one very remote US military base. During his time there,

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Speaker 4: Vance took aim at Denmark directly.

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Speaker 2: You have not done a good job by the people

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Speaker 2: of Greenland.

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Speaker 4: You have underinvested in the people of Greenland. Vance predicted

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Speaker 4: Greenlanders would seek independence from Denmark.

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Speaker 2: And I think that they ultimately will partner with the

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Speaker 2: United States.

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Speaker 4: In response, the Danish Foreign minister posted a video on

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Speaker 4: social media.

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Speaker 5: Of course we are open to criticism, but let me

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Speaker 5: be completely honest. We do not appreciate the tone in

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Speaker 5: which is being delivered. This is not how you speak

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Speaker 5: to your close allies.

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Speaker 4: In the middle of all this, Greenland elected a new parliament,

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Speaker 4: and the coalition Greenlanders voted in is one that's planning

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Speaker 4: to resist US adventurism, even as the rhetoric suggests a stalemate.

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Speaker 4: Money is beginning to flow from the US government into

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Speaker 4: projects that look a lot like the ones they're eyeing

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Speaker 4: in Greenland. In early July, MP Materials, the only rare

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Speaker 4: earth producer in the United States, announced it had secured

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Speaker 4: a one billion dollar loan from two US banks. The

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Speaker 4: Defense Department promised to invest four hundred million dollars in

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Speaker 4: shares of the company.

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Speaker 1: Which will make the DoD the largest shareholder in IMP Materials.

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Speaker 1: Trump has been telegraphing that he wants to invest in

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Speaker 1: projects all over the world to bring rearers and all

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Speaker 1: the other stuff back to the United States. But the

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Speaker 1: fact that this is actually written on the page is

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Speaker 1: proof that he's serious about it. And this is just

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Speaker 1: the first thing, and it's a massive thing. I mean

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Speaker 1: four hundred million dollar dollar equity investment. I talked to

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Speaker 1: a number of sources, I said, does the DoD take

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Speaker 1: ownership stakes and companies like this? And they were like no.

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Speaker 1: In one of them, who's a former Defense Department source

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Speaker 1: of mind said this is a first in class that

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Speaker 1: I can remember.

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Speaker 4: For Americans hoping to develop Greenland. This deal marks a

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Speaker 4: turning point when the government goes from talking the talk

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Speaker 4: to walking the walk. On rare earths. If it's willing

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Speaker 4: to invest this much in MP materials, the idea is

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Speaker 4: maybe something like the Tanbreeze mine is next.

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Speaker 1: Everybody who's been around this, like Drew Horn, have been

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Speaker 1: there in the expectation or the hope that eventually the

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Speaker 1: United States federal government in some form will put an

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Speaker 1: investment or give you money to help develop these projects

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Speaker 1: and it could end up being a bet that'll pay off.

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Speaker 4: As for Drew Horn, he and Joe didn't make it

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Speaker 4: to Tan Breeze on the day they'd planned. The next

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Speaker 4: day was also foggy, but in the afternoon the fog

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Speaker 4: started to lift.

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Speaker 1: The next three hours were us determining whether or not

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Speaker 1: we would fly out or not, and the pilot at

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Speaker 1: one point goes, yeah, there's an opening right now, but

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Speaker 1: snow clouds and fogg could come back in and cover

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Speaker 1: the airport and we would have to do some sort

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Speaker 1: of emergency landing elsewhere and potentially be stuck for the

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Speaker 1: night with what I don't want.

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Speaker 2: He's being stuck in to meadow there.

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Speaker 1: I said, what are the chances that that would happen?

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Speaker 1: And he said, I would say there's maybe about a

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Speaker 1: seventy percent chance that we'd get back today. Well, and

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Speaker 1: I just was like, Okay, I'm out.

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Speaker 4: But Drew, no surprise was in Joe says. Drew was

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Speaker 4: visibly beaming when he touched down after his helicopter ride

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Speaker 4: over Tan Breeze. In all those trips he'd made to Greenland,

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Speaker 4: somehow this was the first time he'd been able to

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Speaker 4: see the site for himself, and the first hand view

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Speaker 4: came in handy at his mar A Lago meeting. When

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Speaker 4: he got back to the States that week, Drew told

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Speaker 4: Joe that being able to describe what Tan Breeze looks

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Speaker 4: like and why he believes his plan there will work

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Speaker 4: completely changed the conversation with the President's advisors.

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Speaker 1: Within weeks after Drew Horne went to mar A Lago,

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Speaker 1: Tambreeze received a non binding letter of interest from the

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Speaker 1: United States Export Import Bank for a fifteen year loan

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Speaker 1: to begin work on its pilot project there. Now, the

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Speaker 1: key here is it's just a letter of interest, and

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Speaker 1: that doesn't necessarily mean anything will come of it, but

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Speaker 1: at the very least it indicates that the project is

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Speaker 1: on the radar of the US government.

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Speaker 4: This is the big take from Bloomberg News. I'm David Gura.

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Speaker 4: We'll be back on Monday.

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Speaker 3: He