US Business News

Billionaires Invest Large Sums to Start Mineral Exploration Under Melting Greenland Ice Sheets

The wealthiest people in the world are currently investing vast amounts of money in the quest for essential resources off the coast of Greenland. To launch their “treasure hunt,” the CEOs have been using transmitters and helicopters.

The Greenland ice sheets have begun to melt at incredible speeds as global temperatures increase. Ironically, the occurrence has given entrepreneurs and mining industries the chance to examine potential assets that may be hidden deep in the Greenland ice sheets. They asserted that the region might be home to important minerals that would be necessary for a nation’s shift to green energy.

Bill Gates, Michael Bloomberg, Jeff Bezos, and a plethora of other billionaires are convinced that the minerals underlying Greenland’s Nuussuaq Peninsula and Disko Island are capable of generating resources powering “hundreds of millions” of electric vehicles with energy.

“We are looking for a deposit that will be the first- or second-largest most significant nickel and cobalt deposit in the world,” said the CEO of Kobold Metals, Kurt House.

The locations of the melting ice sheets could be the epicenter of the effects of climate change on the one hand and the location of rich metals on the other. According to experts, if investors’ intuition is true, the outsourced materials may be capable of resolving countries’ power challenges.

Numerous billionaires interested in the project have teamed up with Kobold Metals, a California-based mineral exploration business. Gates, Bloomberg, and Bezos chose not to comment on this. The group also includes Bluejay Mining, which works with Kobold Metals to locate the precious elements necessary to create effective electric vehicles and batteries that may store renewable energy.

Thirty professionals, including geologists, cooks, mechanics, and pilots, are working together with Kobold Metals and Bluejay Mining to uncover the resources they need.

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Current status of the project

In order to measure the electromagnetic field of the subsoil, the crew stationed in the area is now sampling the soil and employing drones and helicopters mounted with transmitters. They may use this to analyze the arrangement of what is under the surface. The team would build a model using artificial intelligence tools to determine where to begin drilling next summer.

“It is a concern to witness the consequences and impacts of the climate changes in Greenland. But, generally speaking, climate changes overall have made exploration and mining in Greenland easier and more accessible.” Bluejay Mining CEO Bo Møller Stensgaard said.

Stensgaard claims that the longer ice-free intervals permit their teams to finish shipments that contain large pieces of equipment for utilization and export the metals they are hoping to discover soon.

“As these trends continue well into the future, there is no question more land will become accessible, and some of this land may carry the potential for mineral development,” said the chairman chair of the United States Arctic Research Commission, Mike Sfraga.

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Government of Greenland okay with exploration

“The government of Greenland supports the responsible, sustainable, and economically viable development of their natural resources to include mining of a broad range of minerals,” stated Sfraga.

The Geological Survey of Denmark and Greenland suggested that Greenland might become a hotbed for a number of resources, including gold, copper, coal, zinc, and other rare elements. The administration of Greenland “recognizes the country’s potential to diversify the national economy through mineral extraction,” according to the agency.

The Greenland government has also conducted checks and found no issues with the team camped in the zone.

In contrast, experts are concerned about the rising sea levels brought by the ice sheet melting.

“The big concern for Arctic sea ice is that it’s been disappearing over the last several decades its predicted to potentially disappear in 20 to 30 years. In the fall, what used to be Artic ice cover year-round is now just going to be seasonal ice cover,” Nathan Kurtz, a NASA scientist, said.