The geopolitical firestorm raging over the Arctic island has brought commercial opportunities to the fore.

The rare earths found there tend to be encased in a complex type of rock called eudialyte, and no profitable extraction process exists for it.

"Greenland never has been for sale and never will be for sale," Aaja Chemnitz, one of two MPs in the Danish parliament representing Greenland, told CNBC.

The geopolitical firestorm raging over the Arctic island has brought commercial opportunities to the fore.

In spring 1941, Denmark’s ambassador signed a treaty giving the U.S. military access to Greenland to help protect the island from Nazi Germany.

Heightened geopolitical interest in the Arctic island has seen a flurry of investor interest in companies with mining projects on the territory