Greenland’s government granted a 30-year license to the Toronto-based company, which owns a molybdenum deposit in central east Greenland. The miner’s stock rose as much as 25 per cent Friday. (The Logic)

Talking point: The license is another sign that Canada is strengthening its economic ties with Europe’s growing defence industry. Molybdenum is used for defence applications like tank armament, thanks to its ability to harden steel and cast iron, creating resistance to corrosion and extreme temperature. It has few natural substitutes and is exported overwhelmingly by China. The race to secure critical minerals has spurred global interest in Greenland’s deposits, including annexation threats by U.S. President Donald Trump. The company estimates it will pay about US$1 billion toward Greenland’s tax revenue over 20 years, although it must first pass a public consultation, plus environmental and social impact assessments.