Shares of Critical Metals Corp. (NASDAQ:CRML) surged 13% during Monday’s pre-market trading session, driven by President Donald Trump’s renewed push to acquire Greenland, citing national security concerns.
Other metals stocks, such as Newmont Corporation (NYSE:NEM), Freeport-McMoRan Inc. (NYSE:FCX) climbed 3% both.
Trump’s comments, made aboard Air Force One on Sunday, suggested that the U.S. should consider acquiring Greenland due to its strategic significance in the face of potential threats from China and Russia.
“Greenland should make the deal because Greenland does not want to see Russia or China take over,” Trump said. “Basically, their defense is two dog sleds.”
The president affirmed, “we’re talking about acquiring, not leasing, not having its short-term.”
This is not the first time that Trump’s comments have had a significant impact on CRML’s stock price. Just last week, the company’s stock rallied over 70% due to geopolitical speculation surrounding Trump’s interest in Greenland.
CRML’s Tanbreez Rare Earth Project, located in Greenland, is one of the world’s largest rare earth deposits outside of China. This has made the company an attractive investment option for those looking to capitalize on Trump’s Arctic ambitions and the U.S. government’s support of the rare earths industry.
However, experts highlight that Venezuela's mineral potential is uncertain and risky to develop due to security and weather concerns, while U.S. worries over rare earth supply chains have grown as China uses export controls on these critical materials amid trade tensions.
Meanwhile, not everyone is on board with Trump’s plans. Sen. Chris Murphy (D-Conn.) warned that any U.S. move to seize Greenland by force would have severe consequences, potentially leading to the end of the NATO alliance.
