BUZZ-Greenland Mining shares continue to rise, while sector peers decline

September 22 - ** Greenland Mines Ltd (stock code: GRML.O) shares surged as much as 68% on Tuesday, reaching $15.87, continuing Monday’s momentum when they soared 230.5%. This came after the metals company announced plans to more than double its business scale in Greenland. Previously, the United States, Denmark, and Greenland stated on Friday they had reached an agreement for the US to strengthen its military presence in Greenland.

** The latest GRML share price is $14.30, up about 51%, after hitting its highest point since June 18.

** On Monday morning, the mining company announced it had applied for a permit in Greenland to expand its control area in the Sarfartoq rare earth and carbonatite mining zone (link) from 192 square kilometers to 454 square kilometers.

** After Monday’s gains, other US-listed companies with business operations in Greenland saw their share prices pull back on Tuesday. Critical Metals Corp CRML.O fell about 6% to $8.77 on Tuesday after rising nearly 39% on Monday. Greenland Energy GLND.O dropped over 2% to $2.81 on Tuesday after soaring 140% in the previous trading day.

** Since former US President Donald Trump took office, these stocks have tended to trade with high volatility, as he repeatedly stated that for national security reasons, the US must control Greenland—a Danish autonomous territory. The agreement reached on Friday (link) allows the US to establish a significant military presence on this Arctic island while prohibiting America’s rivals from building their own bases there.

** Year-to-date, GRML shares are still down about 2%, while CRML shares are up about 26%. GLND, which was listed on Nasdaq in March, is down about 88% from its peak on March 26.

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