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A Truth Social post from Donald Trump is sending Greenland-linked stocks up.
The US President says that mining and drilling operations are about to commence there.
However, Greenland’s officials have disputed Trump’s statements.
Greenland-linked energy stocks surged on Wednesday, bolstered by Donald Trump’s latest comments about US oil and gas drilling in the Danish territory.
The rally kicked off after Trump posted on Truth Social that drilling operations in Greenland were expected to begin soon.
“Massive Oil, Gas, and Mineral Exploration is getting ready to begin in our new and beautiful Greenland!” he wrote. “There are Experts that are saying that the amount of easily available Oil is far greater than that of almost any land, anywhere in the World.”
Shortly before the drilling and exploration claim, he shared an AI-generated image of himself looking over a mountain with the caption “Hello Greenland.”
Stocks tied to firms with operations in Greenland have been in focus since Trump announced in September that the US had reached an agreement with Denmark giving it security control over Greenland.
Here’s were the biggest moves shortly after the opening bell on Wednesday:
Greenland Energy Company : +75%
Greenland Mines : +25%
Critical Metals Corp : 2%
While Critical Metals Corp isn’t based in Greenland, it owns the Tanbreez Rare Earth Project, a large rare earth mine in the southern part of the island.
A response from Greenland, though, contradicted Trump’s statements on the plans for mining and mineral exploration.
Jørgen Hammeken-Holm, who serves as its deputy mining minister, told CNN that while there is activity from US companies, they are still “very far away from ‘massive’ exploration” and that smaller explorations could be years away from becoming operational.
The market’s response, though, makes it clear that investors are taking it seriously. Trump’s second term turned rare earth stocks into one of 2025’s hottest trades as he announced White House stakes in numerous companies in the space.
Now, Greenland stocks may be poised to follow a similar path as Trump continues his focus on deepening US involvement in the island territory .
Read the original article on Business Insider
