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An explosion is pictured at an exploration site of the company Greenland Anorthosite Mining of an anorthosite deposit close to the Qeqertarsuatsiaat fjord, Greenland, on Sept. 11, 2021.
Greenland’s thwarted rare earths miner hopes for change in March election
Greenlanders are set to go to the polls next month as US President Donald Trump increases pressure on Denmark to transfer sovereignty of the semi-autonomous Arctic island to the United States.
Australia-based Energy Transition Minerals, the mining company that holds the license for controversial rare earths and uranium deposits, is hoping the social-democratic Siumut Party – currently the second-largest contingent in the Greenlandic parliament, known as the Inatsisartut – will oust the ruling left-wing environmentalist Inuit Ataqatigiit Party in the March 11 election. The two parties are currently in a governing coalition together, with IA in the top position, but Siumut has attracted attention by pledging to hold a referendum on independence from Denmark this year.
After taking power in 2021, the IA banned uranium mining, effectively halting exploration of what Energy Transition Minerals bills as potentially the largest deposit of rare earth oxides in the world. Rare earths are a family of 17 metallic minerals needed for the batteries and magnets used for electric cars, power plants, and fighter jets. China dominates the supply chain, controlling roughly 70% of all mining and 90% of refining capacity.
The IA opposed the mining because of the high density of uranium mixed into the ore, which it feared would generate radioactive pollution along the island’s southwest coast, where much of the mostly indigenous population of roughly 57,000 lives.
Now, Energy Transition Minerals is betting Siumut, under whose rule the mining project was originally approved, will win and lift the moratorium to help generate more income for Greenland to achieve economic self-sufficiency and open the door to a long-sought breakaway from the Danish kingdom.
Awkward technicalities: With 7% of the company, Energy Transition’s largest shareholder is China’s Shenghe Resources, but the firm has vowed to supply the West with its metals. Thanks to America’s trade deals with the European Union and Australia, however, arcane Treasury rules may mean the Melbourne-headquartered company’s rare earths qualify for lucrative US tax credits. With the stock price trading at a fraction of a penny per share, however, Wall Street has doubts about the mining firm’s future.Endorsed by steelworkers onstage, then-Republican presidential nominee Donald Trump puts on a hard hat during his Make America Great Again Rally in Latrobe, Pennsylvania, on Oct. 19, 2024.
Trump tariffs steel and aluminum at 25%
US President Donald Trump signed an executive order Monday imposing 25% tariffs on all steel and aluminum imports to the US. This raises the tariff rate on aluminum to 25% from the previous 10% that Trump imposed in 2018, and it reinstates a 25% tariff on “millions of tons” of steel and aluminum imports previously exempted or excluded.
“Today I’m simplifying our tariffs on steel and aluminum,” Trump stated. “It’s 25% without exceptions or exemptions.”
Cue the negotiations. On Monday, Trump reportedly took a call from Australian Prime Minister Anthony Albanese, who is seeking a carve-out for Australian steel exports. Albanese described their conversation as “constructive and warm” but did not want to “speak on [Trump’s] behalf.”
The EU said it would respond with “firm and proportionate countermeasures.” Prime Minister Justin Trudeausaid Tuesday that the tariffs were “entirely unjustified” and “unacceptable,” noting that Canada – the US’ biggest source of aluminum and one of its top sources of steel – would respond if necessary but will try to work with the US administration to avoid them. Mexican President Claudia Sheinbaum, who has also threatened countermeasures in recent weeks, said her country would keep a “cool head.”
The new US tariffs are set to take effect on March 4, and Trump added that he will also consider additional tariffs on cars, pharmaceuticals, and computer chips.
Why now? Trump’s announcement came two days after the visit of Japanese Prime Minister Shigeru Ishiba, who announced that Japan would increase its US investment to $1 trillion, including a commitment from Nippon Steel to “invest heavily” in US Steel, after a $15 billion buyout was nixed last year by the Biden administration. The deal is another reflection of Trump’s plan to strengthen domestic steel production and make imports less attractive – or even necessary.
Was there a connection? “It’s certainly possible,” says Eurasia Group’s Japan Director David Boling. “But we knew steel tariffs were coming — it was only a matter of time. While Trump is proud to be Tariff Man, he could also be called the Man of Steel. Steel is his favorite industry.” We’re waiting to see whether Ishiba picks up the phone like Albanese and leverages Nippon’s investment to lift the levies.U.S. President Joe Biden, Japan's Prime Minister Fumio Kishida, Australia's Prime Minister Anthony Albanese and India's Prime Minister Narendra Modi take part in a Quad leaders summit family photo in Claymont, Delaware, U.S., September 21, 2024.
US bolsters pacific alliance amid China concerns
In his final months in office, US President Joe Biden is looking to bolster the China-wary alliance known as “The Quad,” which brings together the US, Australia, Japan, and India. This weekend he hosted Quad leaders at his home in Wilmington, Delaware.
While the White House claimed the summit targeted no specific country, a joint statement condemned “coercive and intimidating maneuvers in the South China Sea,” a clear shot at Beijing. And in a so-called “hot mic” moment, Biden commented that “China continues to behave aggressively, testing us all across the region.”
Beijing, for its part, sees the Quad as a “threat and challenge to regional peace and security.”
The Quad summit announced expanded collaboration in maritime patrols, disaster relief, cervical cancer vaccines, tech fellowships, and clean energy projects.
The Quad hasn’t always been a top priority for its members – it lapsed almost entirely between 2008 and 2017. But when asked about the future of the group following the approaching departures of both Biden and Japanese PM Fumio Kishida, Australian Prime Minister Anthony Albanese predicted the Quad will endure, while Indian Prime Minister Narendra Modi stated “The Quad is here to stay.” To underscore that, he offered to host the group’s next gathering in 2025.Signage for The University of Melbourne is seen in Melbourne, Wednesday, November 2, 2022.
Australia to cut number of foreign students
Australia this week became the latest country to take measures to restrict immigration, as the government announced a fresh cap on the number of foreign students it will admit for study at universities and vocational schools.
The measure comes amid broader, ongoing efforts to rein in immigration, which soared in recent years to help fill pandemic-related vacancies, but which has also put pressure on infrastructure and housing prices.
Next year, Australia will allow in only 275,000 foreign students. The country is currently the temporary home for nearly three times that number.
The government is aiming to bring the number of foreign students back to pre-pandemic levels, and to root out instances in which foreigners use study visas as an excuse to come to Australia for other purposes.
Currently, there are 10% more international students at Aussie state universities than there were before COVID-19. Among private vocational schools, the number is 50%.
Universities aren’t happy. Australia has historically been a major destination for foreign students, who constitute a $50 billion annual industry. They make up the second-largest economic sector for Australia after mining, according to Universities Australia, which warned Tuesday that “having fewer students here will only widen the funding gap at a time when universities need greater support.”
The logo of the Australian National University (ANU) is seen at the campus in Canberra, Wednesday, September 16, 2020. The Australian National University (ANU) says COVID-19 will force it to shed hundreds of jobs from its workforce. Estimates put the total job losses at 465, including 250 voluntary redundancies.
Australia to cut number of foreign students
Next year, Australia will allow in only 275,000 foreign students. The country is currently the temporary home for nearly three times that number. The government is aiming to bring the number of foreign students back to pre-pandemic levels, and to root out instances in which foreigners use study visas as an excuse to come to Australia for other purposes. Currently, there are 10% more international students at Aussie state universities than there were before COVID-19. Among private vocational schools, the number is 50%.
Universities aren’t happy. Australia has historically been a major destination for foreign students, who constitute a $50 billion annual industry. They make up the second-largest economic sector for Australia after mining, according to Universities Australia, which warned Tuesday that “having fewer students here will only widen the funding gap at a time when universities need greater support.”A satellite image shows smoke rising from the Park Fire in Chico, California, U.S., July 26, 2024.
Hard Numbers: California burns, Countries push for cease-fire, Meloni makes nice, Japan basks in Olympic glory
350,000: The Park fire in northern California has burned through over 350,000 acres of land — an area larger than New York City — and was just 10% contained as of Sunday. Authorities said the fire was spreading at a rate of 5,000 acres per hour, and police arrested a man who they suspect of having deliberately set the blaze in an act of arson.
3: On Friday, Australia, New Zealand, and Canada jointly called for an immediate cease-fire in Gaza and for Israel to respond “substantively” to a July 19 ruling from the International Court of Justice about the illegality of Israeli settlements and military occupation in the West Bank. The statement came a day after US Vice President Kamala Harris urged Israeli Prime Minister Benjamin Netanyahu to reach a Gaza deal.
3: Italian Prime Minister Giorgia Melonisigned a three-year deal with China while visiting Beijing on Saturday. She also promised to implement earlier bilateral agreements derailed by shifting geopolitics and to try new forms of cooperation. Meloni won praise from the US for officially pulling out of China’s Belt and Road Initiative last year, but with a possible Sino-European trade war looming – aggravated by China dumping its production overcapacity on world markets – she seems to be more conciliatory these days.
7: As of Sunday afternoon, Japan was leading the Olympic medal count with 7 podium finishes, including two golds in Judo. The lesson here is clear: Don’t wrestle with Japanese athletes. There will be more Judo finals on Monday, with a total of 19 gold medals to be awarded in finals across events in artistic gymnastics, swimming, shooting, diving, equestrian, mountain biking, skateboarding, archery, fencing, and canoe slalom (yep, that last one threw us too – here’s a primer).Australian Prime Minister Anthony Albanese and New South Wales Premier Chris Minns join other politicians as they lay flowers at the scene of Saturday's mass stabbing at Bondi Junction, Sydney, Australia April 14, 2024.
Hard numbers: Sydney stabbing, Pricey Pakistan, US Steel deal, Costco gold rush
6: Australia is reeling from one of the country’s deadliest mass killings after six shoppers were stabbed to death at a mall in Sydney on Saturday. The attack left several others injured, including a baby who is in intensive care. The assailant, who was shot dead by police, was known to authorities and had been diagnosed with a mental illness as a teenager.
25: Pakistan has the highest cost of living in Asia, according to a report from the Asian Development Bank, and it’s only set to grow with a crushing 25% inflation rate. Authorities have hiked interest rates to 22% to try to alleviate the problem, but Pakistan’s economy will likely require further support from the International Monetary Fund.
14.9 billion: Shareholders in US Steel overwhelmingly voted to approve an offer from Nippon Steel to acquire the company at about $55 a share — but don’t expect the deal to close anytime soon. US President Joe Biden has expressed opposition to the deal, which could cost him crucial support from steelworkers in upper Midwestern swing states like Michigan, Pennsylvania, and Wisconsin.
200 million: Wholesaler Costco is estimated to be selling over $200 million worth in one-ounce gold barsevery month, according to an analysis by Wells Fargo. Those who made their purchases in the fall, when Costco was selling the bars for around $2,000 each have earned a nice bit of profit, as gold has surged to over $2,300 an ounce since March.FILE PHOTO: Chinese Coast Guard vessels fire water cannons towards a Philippine resupply vessel Unaizah May 4 on its way to a resupply mission at Second Thomas Shoal in the South China Sea, March 5, 2024.
Is the South China Sea the next Sarajevo?
The US, Japan, Australia, and the Philippines banded together Sunday for their first joint naval exercises in the South China Sea to push back against Beijing’s aggression and territorial claims in the region. A recent op-ed published in the state-owned China Daily drew parallels between current tensions with the Philippines over the disputed maritime zone and the “Sarajevo gunshot” that preceded World War I. This view is echoed by China expert Gordon Chang, who told Fox News that “it’s more likely that the fight starts over the Philippines than it starts over Taiwan or Japan.”
Cue the cavalry: These drills, including anti-submarine warfare training, are designed to uphold the rule of law and freedom of navigation, according to a joint communique. China said it conducted its own military drills in the region in response. The drills come just ahead of a meeting between US President Joe Biden, Japanese Prime Minister Fumio Kishida, and Filipino President Ferdinand Marcos on Wednesday, when the allies will discuss further cooperation in the South China Sea — with bigger ambitions on the horizon.
The AUKUS alliance is also flirting with the idea of inviting Japan to be a new partner in countering China's assertiveness. Japan would engage in “Pillar Two” of the Alliance, which commits members to jointly developing quantum computing, undersea, hypersonic, artificial intelligence, and cyber technology. (Pillar One, which will deliver nuclear-powered attack submarines to Australia, will not include Japan. Before JAUKUS is born, however, experts say Japan must enhance its cyber defenses and better protect sensitive information. We’ll be watching for an impending announcement at the summit on Wednesday.