Podcast Summary: The Indicator from Planet Money
Episode: "Is Greenland really an untapped land of riches?"
Date: January 21, 2026
Hosts: Darian Woods & Waylon Wong
Featured Guests: Greg Barnes (Geologist), Gracelyn Baskeron (Critical Minerals Expert, CSIS)
Overview
This episode explores whether Greenland truly represents an untapped bonanza of mineral wealth or if its "riches" are more complicated. Using the story of Australian geologist Greg Barnes, the hosts examine rare earth mining in Greenland, the obstacles facing extraction, community consent, and the geopolitical tensions around mineral resources—especially as major powers eye Greenland's mineral deposits with growing interest.
Key Discussion Points & Insights
1. Greg Barnes’ Unlikely Beginning in Geology
- Greg Barnes started studying geology mostly to avoid late classes, but it set him on a globe-trotting career fixing old mines and eventually led him to Greenland in the 1990s.
- Memorable moment:
"I couldn't catch the train home to see my girlfriend on a Friday night."
— Greg Barnes [00:19]
2. The Discovery in Greenland
- Barnes described stumbling onto a unique mineral deposit near Greenland’s southwest tip:
"When I saw this thing, I just couldn't believe that something of this size and quality was sitting out there."
— Greg Barnes [00:40] - The mineral in question is primarily eudialyte, a shiny red-gemstone containing several rare earth elements.
3. The Rare Earth Elements Jackpot
- Cerium: Reduces emissions in cars
- Yttrium: Used in lithium batteries to prolong their life
- Neodymium: Used for the world’s strongest magnets
- The global importance:
- Outside of China, processed rare earth elements are scarce, creating global supply vulnerabilities.
- The 2019 U.S.-China trade war demonstrated the market's fragility when China restricted rare earth exports, impacting auto production in the U.S. [03:50]
4. The Struggle for Mining Rights
- After years negotiating with a Canadian company, Barnes managed to snap up the exploration license due to a time zone difference—“repegging” the claim.
"I was on Greenland time, so I picked it. Much to the dissatisfaction."
— Greg Barnes [04:50]
5. From Exploration to Exploitation
- Exploration licenses alone don’t make money—Barnes spent $50 million of his own money seeking an exploitation license.
"I spent 50 million of my own money. I never spent 50 million of my own money on anything before."
— Greg Barnes [05:14]
6. Challenges: Extraction and Community Consent
- Extraction Difficulties:
- The rare earths are mixed with uranium, posing environmental and health concerns.
- Community Consent:
- Gracelyn Baskeron outlined that “social license to operate”—community acceptance—is a top risk in mining.
- Barnes’ company carried out extensive engagement, interviewing 65 local residents (~high for Greenland’s small population).
"The project really wanted to develop local benefits."
— Gracelyn Baskeron [06:22] - Greenland later banned uranium-heavy mining, affecting other ventures but not Barnes’s claim, which was just below the threshold.
7. The Realities Behind Greenland’s “Riches”
- Despite promising geology, multiple barriers remain:
- Logistics: 80% of Greenland is under ice; only 93 miles of roads; sparse energy infrastructure
- Public Opposition: Many Greenlanders remain wary or opposed to mining
"Good geology, not a straightforward place to get the resources out."
— Gracelyn Baskeron [07:34]
8. Geopolitical Power Struggles
- As Barnes’ project matured, a Beijing-linked firm offered to buy his company for multiples of his investment. When U.S. officials found out, they intervened, visiting in 2024 and explicitly urging him not to sell to the Chinese.
"US officials visited the mine twice in 2024 with one do not sell to the Chinese company."
— Darian Woods [08:48] - Barnes ultimately sold to a New York–based Critical Metals Corporation for over $200 million, with official U.S. support for the project’s development.
9. A Personal Finale
- Barnes reflects with pride, but also humor, on how his geology career continues long after retirement age.
"I've got my money back with spades... It still is 14 hours a day, seven days a week as I did a handover and my great age of 77. All my friends are retired a long while ago, but I'm not."
— Greg Barnes [09:05 & 09:09] - The hosts close by joking about Barnes’ “geologic time” approach to retirement.
Notable Quotes & Timestamps
- "When I saw this thing, I just couldn't believe that something of this size and quality was sitting out there." — Greg Barnes [00:40]
- "There’s hundreds of minerals, all unique, all very big." — Greg Barnes [03:14]
- "Project social license to operate...is regularly ranked number one or two in the risks that miners face." — Gracelyn Baskeron [06:03]
- "You can have a lot of good geology that doesn’t necessarily make sure that it’s economically viable to extract." — Gracelyn Baskeron [07:34]
- "All my friends are retired a long while ago, but I’m not." — Greg Barnes [09:09]
- "Maybe Greg doesn’t think in regular time, he thinks in geologic time, so it’s okay." — Waylon Wong [09:38]
Key Timestamps
- Barnes’ background and discovery: [00:01–03:26]
- China’s rare earth supply chain leverage: [03:50]
- Securing the mining license & “repegging”: [04:18–05:01]
- Challenges: Extraction, consent, and uranium: [05:14–07:05]
- Greenland’s infrastructural/political challenges: [07:20–08:11]
- Geopolitical tug-of-war & sale: [08:21–08:48]
- Personal reflections: [09:05–09:47]
Takeaways
- Greenland does possess rare earth mineral deposits that are globally significant, but logistical, financial, community, and geostrategic obstacles make exploiting these resources complex and slow.
- The Gwyn Barnes episode—navigating logistical nightmares, community sensitivities, and global power struggles—shows that even a big find doesn’t necessarily equal easy riches.
- Greenland’s situation illustrates the intersection of resource economics, environmental justice, and international rivalry in an era of supply chain anxiety and clean energy transitions.