A Chinese mining company is taking over a planned $2bn iron ore project in Greenland, making it the first Arctic resources project to come under the full ownership of the Asian power.
General Nice, one of China’s largest coal and iron ore importers, will run the Isua mine, following a move to put its previous owner, London Mining, into administration, according to the Greenland government.
However, the involvement of a Chinese investor — even a private company — could raise alarm across the Arctic and in the US, which remains wary of Beijing’s Arctic ambitions. Plans by a Chinese property developer to buy a large remote tract of land in Iceland several years ago prompted great unease among regional diplomats.
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