HomeUnder Secretary for Economic Growth, Energy, and the EnvironmentRemarks & Releases...Remarks at Greenland Day at PDAC Mining Conference

# 									Remarks at Greenland Day at PDAC Mining Conference							

Remarks

Jose W. Fernandez, Under Secretary for Economic Growth, Energy, and the Environment

Toronto, Canada

March 4, 2024

*As Prepared*

Good afternoon. It’s a pleasure to be here with you at Greenland day. I would like to thank Minister Nathanielsen and the Greenland Business Association’s Christian Keldsen for the opportunity to speak about U.S. efforts to build secure, reliable, critical mineral supply chains. The U.S. government and the partners in the Minerals Security Partnership (MSP) are eager to discuss options to help mining companies in Greenland make connections to advance projects that support the global energy transition.

In February 2021, President Biden signed an executive order that fundamentally changed the way the United States approaches global critical minerals supply chain security. We have conducted first-of-their kind supply chain assessments, supported new investment in U.S. mining and processing infrastructure, and created global alliances and networks to build innovative supply chains.

We took this to the next in June 2022, as a group of partner countries announced the MSP. The partnership facilitates government and industry cooperation on targeted financial and diplomatic support to produce concrete, project-level results of strategic importance to global supply chains.

Current MSP partners include 14 of the world’s leading consuming countries and the European Union (EU). These partners believe in the imperative of creating a “race to the top” on environmental, social, and governance (ESG) standards so that the rapid growth of supply chains brings about real and lasting benefits for all countries involved.

And just yesterday, the MSP partners announced the creation of the MSP Forum, which cements our partnership with select mineral producing countries committed to advancing and accelerating individual projects with high ESG standards. In addition, the MSP Forum maximizes the positive impact of EU President Von der Leyen’s goal of increasing policy-level engagement with critical minerals producing countries.

The MSP Forum gives producing countries a stronger connection to the MSP partners – where they can request assistance, seek connections with private sector actors, propose projects, and discuss policy. The MSP Forum will provide opportunities for project information sharing among MSP partners, forum members, and the private sector; and for presentations on critical minerals opportunities.

Recognizing the important role the private sector must play in meeting the critical minerals challenge, late last year, we launched the minerals investment network for vital energy security and transition (MINVEST). This new partnership will promote public-private dialogue and spur investment in strategic mining, processing, and recycling opportunities that adhere to the highest ESG standards.

Greenland can play a key role in supporting the diversified supply chains needed to advance global energy needs and economic security. And Greenland has found itself in this role before. The Ivittuut Mine – the largest and longest operating mine in Greenland’s history – was the world’s only source of cryolite, which supplied the solvent needed for aluminum refining for U.S. aircraft manufacturing during World War II.

Now, more than 80 years later, Greenland is poised to play a leading role through the development of its rare earth, graphite, nickel, zinc, and other critical minerals projects to support the global clean energy supply chain.

We all recognize the challenges you – the exploration and mining companies here today – face in proving up these resources, making the financing connections needed, closing offtake deals, and moving projects into development and production.

With all these challenges, the MSP and the United States can help. The United States, through its financing and trade promotion agencies, can offer a wide range of support for companies with strategic projects that will support reliable critical mineral supply chain development.

The U.S. International Development Finance Corporation (DFC) offers equity investments, debt financing, political risk insurance, feasibility studies, and other technical assistance that support critical minerals production and processing as well as related transportation links.

The U.S. Trade Development Agency (USTDA) funds early-stage infrastructure planning and design through feasibility studies, technical assistance, and pilot projects to help partners move from concept to financing and implementation.

Our Department of Energy’s loan programs office can finance projects in the United States that support critical mineral extraction, manufacturing, mining, processing, recovery, and recycling.

Fortunately, we have the U.S. Export-Import Bank (EXIM) here to describe next what it can offer to companies operating in Greenland. EXIM can provide solutions such as working capital loan guarantees, export credit insurance, and other financial tools.

In closing, we know Greenland has a number of other minerals projects in the exploration and development pipeline, and that the process for obtaining financing and support is not easy. I ask you to let us start or continue our conversations. The U.S., the MSP and our partners seek the same objectives of supporting responsible mining in Greenland, the use of the highest ESG standards possible, and promoting the Greenlandic government’s interest in developing its economy and maximizing the benefits of mining for the Greenlandic people.

Greenland, as a part of the kingdom of Denmark, is an inherently important partner for the United States. We have a common arctic identity, history, and heritage. We look forward to continuing to build on our ongoing partnership and cooperation in the mineral resource sector to meet our shared interests.

Thank you very much.

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CanadaEconomic Prosperity and Trade PolicyUnder Secretary for Economic Growth, Energy, and the Environment

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